Changes

Early in 1972 [[Severn Valley Railway (Holdings) PLC|Severn Valley Railway (Holdings) Limited ]] ‘SVR(H)’ was formed, with [[Viscount Cobham ]] as President and [[Sir Gerald Nabarro ]] as Chairman. The role of SVR(H) would be to finance the purchase of the Southern section of the line through the public share issue (for which Nabarro would be the figurehead), and to be responsible for overall policy decisions affecting the whole railway. The [[Severn Valley Railway Company Limited|Guarantee Company ]] would remain responsible for day to day management and operation of the Railway, including commercial activities, and also be responsible for the membership.

The share issue proceeded as planned, but Nabarro began to assume greater power and control over the Railway (described some years later in an SVR news article as ‘a committee of one’). By November 1972, members and volunteers were openly expressing the view that they were being alienated, and that proposed restructuring of the two Company Boards effectively meant that the membership would have no say in the running of the railway. Suspicions were also growing that the By-pass would be used as an excuse to abandon [[Bridgnorth ]] and sell the site for housing development.

The November Guarantee Company Annual General Meeting was described as ‘noisy and controversial’ with some ‘pungent and straight talking’ resulting. The members unanimously passed three resolutions sponsored by the [[Severn Valley Railway Association ]] (SVRA). These rejected proposed restructuring provisions which would give control of voting rights of the Guarantee Company’s 40,000 shares to SVR(H) and would give SVR(H) the power to appoint the Directors and Chairman of the Guarantee Company. Also the members voted that no final decision on the provision of a [[Bridgnorth Bypass Bridge|By-pass Bridge ]] was to be made without a properly convened EGM, and that no paid appointments of railway staff should be made without applications for the post being invited from all members.

In December 1972, Sir Gerald Nabarro announced on behalf of the Board that SVR(H) was fully capitalised at £150,000, and that the Southern section of the line to [[Kidderminster ]] had been purchased from BR subject to Light Railway Orders being granted. The share issue that he had fronted had thus been a success.

[[61994 The Great Marquess|LNER Gresley K4 West Highland 2-6-0 No 3442 The Great Marquess ]] (BR 61994) arrived on 9 September.

| [[LMS Ivatt Class 2 46443 |46443]] || style="text-align:right;" | 2,082 || style="text-align:right;" | 5,155

| [[LMS Stanier 8F 48773 |48773]] || style="text-align:right;" | 1,105 || style="text-align:right;" | 1,990

| [[GWR 2251 Class 3205 |3205]] || style="text-align:right;" | 701 || style="text-align:right;" | 1,681

| [[WD 193 Shropshire ]] || style="text-align:right;" | 701 || style="text-align:right;" | 1,810

| [[GWR Pannier 5764 |5764]] || style="text-align:right;" | 542 || style="text-align:right;" | 1,467

| [[LMS Stanier Class 5 45110 |45110]] || style="text-align:right;" | 471 || style="text-align:right;" | 2,270

| [[LMR 600 Gordon|600 Gordon]] || style="text-align:right;" | 315 || style="text-align:right;" | 315

| [[686 The Lady Armaghdale]]|| style="text-align:right;" | 195 || style="text-align:right;" | 484

| [[2047 Warwickshire ]] || style="text-align:right;" | 182 || style="text-align:right;" | 378

| [[417 Invicta ]] || style="text-align:right;" | 4 || style="text-align:right;" | 4