 The concern was to be called the "Lampeter, Aberayron and New Quay Light Railway"; estimated cost of construction was £88,000, with rolling stock calculated to cost £10,000.At this stage the line was simply to run from Lampeter to Aberayron, and at first the line was to have its own independent station at Lampeter.The M&MR agreed to work the line at cost plus 25% of the profits.