General meeting At a general meeting in November, shareholders were informed that Goüin had used inferior iron on the rocking shafts, rather than first-grade iron or forged steel as specified, and the shafts therefore had failed in the test. Also, the trailing axles could not accommodate the tight curves and would have to be removed. This meant that the rear driving wheels would need additional bearings and springs. On 17 April 1868, the Times reported that seven locomotives had had their shafts replaced or shortly would do.
Late delivery of rolling stock Chevalier were late in delivering the rolling stock. According to reports by Fell, Brogden, and Barnes, 103 wagons were already being erected at St Michel in August 1867, but by February 1868, the company had only 2 of 11 first-class carriages, 3 of 5 second-class, and 3 of 8 third-class, even though they were all due by the previous June. The delivered carriages were all four-wheelers, and the missing ones were six-wheelers. When the line opened in June 1868,
The Engineer reported 7 first-class carriages, 4 second-class, and 8 third-class—officially a full complement, but not so according to the internal information. In 1870, Fell reported that, when the six-wheelers did arrive, they ran more steadily and with less resistance than the four-wheelers. (Brunlees specified that a sliding
axle box designed by John Clark of the
North London Railway was to be used for the six-wheelers, whereas the four-wheelers had ordinary axles.)
Financial problems There were financial problems. In March 1867, the board agreed to seek a loan of £60,000 against guarantees by directors. On 12 September,
The Times published an offering of £125,000 of 7%
debentures, adding that the line would probably open in October. No applications were received. However, to keep things going, Brassey guaranteed £15,000 needed immediately. A general meeting in November authorised an increase in the company's borrowing powers from £125,000 to £202,000 and an interest rate of 10%. Liabilities were stated to be £182,000. £150,000 had been raised by shares and only £2,600 by debentures. It was decided to issue £200,000 worth of bonds at 10%. The directors agreed to buy £150,000, provided the other shares subscribed £50,000. If this were not to happen within 14 days, then the works were liable to be sold in discharge of the liabilities. Later, more creditors were discovered, increasing the liabilities to £243,000. The company survived this crisis, although the bonds may not all have been sold. ==Testing and final opening, April–June 1868==