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==1854==
It quickly became apparent that economies would be needed to reduce the cost of the line. In February it was decided that the Bill for the Shrewsbury deviation should not proceed beyond a second reading in the Commons. In April Nicholson’s salary was terminated; instead he would be paid for his services as incurred. The Secretary's salary was also reduced. On 19 May Chairman Jonathan Thorp resigned and [[Peto, Brassey and Betts|<nowiki>Morton </nowiki> Peto]] was elected Chairman in his place.<ref name=Marshall31>Marshall (1989), pp.31-32.</ref>.
Nicholson began preparing a revised plan incorporating a number of cost saving measures. These were principally: <ref name=Marshall31/>
Robert Nicholson died at his home in Newcastle on 9 May 1855, at the early age of 46, from a cold which developed into a serious illness. His health may have been weakened by overwork, as he was involved in other projects at the time including the Border Counties Railway which was about to be started. [[John Fowler]], then aged 38, was appointed to replace him.<ref name=Marshall32>Marshall (1989), pp.32-33.</ref>
On 16 June, <nowiki>Morton </nowiki> Peto chaired a special Shareholders' meeting to approve submission of a new Bill to reduce the Company's capital and authorise the deviations. On 12 July, Henry Whitmore testified to the House of Lords Committee on behalf of his brother that Thomas Whitmore was satisfied with the new arrangements and had withdrawn his objections. Fowler testified that the revised plan, together with abandoning the proposed Madeley branch, would reduce the cost to £480,000. The new Severn Valley Railway Act received Royal Assent on 30 July 1855. It repealed the 1853 Act, although the Company's incorporated status continued unchanged. The revised route, reduced share capital of £480,000 and borrowing powers of £160,000 were duly authorised, with completion to take place within 5 years.<ref name=Marshall32/>
On 16 August the Mayor of Bridgnorth wrote to the Company requesting that the location of the station at Bridgnorth be changed. By November Fowler had prepared a revised plan with two further cost saving deviations:
==1856==
[[File:Bridgnorth Journal 2.2.1856.jpg|thumb|200px|right|Article from the Bridgnorth Journal in 1856 encouraging the purchase of shares in the Severn Valley Railway.]]
Efforts to stimulate support for the Railway continued. In early 1856 the Company's solicitor Mr. Toogood visited locations up and down the line in an attempt to attract new shareholders.<ref>Bridgnorth Journal, 2 February 1856, via the [https://www.britishnewspaperarchive.co.uk British Newspaper Archive]</ref> A meeting of local businessmen and other interested parties was held at Bridgnorth on 1 March, which resulted in a request for <nowiki>Morton </nowiki> Peto to address a public meeting there.<ref>Bridgnorth Journal, 8 March 1856, via the British Newspaper Archive</ref> Peto agreed, with the public meeting taking place at Bridgnorth Town Hall on 27 March. The press reported that "''The meeting was evidently satisfied with the explanations given, by its unanimous and hearty applause. We have much pleasure in stating that the result of the meeting has already begun to manifest itself, for Mr Toogood has since obtained many additional shareholders''."<ref>Bridgnorth Journal, 29 March 1856, via the British Newspaper Archive</ref>
On 15 April Peto addressed a similar meeting at Bewdley, where his speech was regularly met by cheers from those present.<ref>Bridgnorth Journal, 19 April 1856, via the British Newspaper Archive</ref> A meeting at Stourport on 6 May "...''gave general satisfaction, for strong expressions of support were given by most of the persons present''."<ref>Bridgnorth Journal, 10 May 1856, via the British Newspaper Archive</ref>
==1857==
On 10 July the Board resolved that a tender from the contractors Smith and Knight for construction of the line should be accepted, although no details of the tender are recorded. In response, [[Peto, Brassey and Betts# Involvement with the Severn Valley Railway |<nowiki>Morton </nowiki>Peto wrote to the Board on 28 July]] offering his resignation so he could tender for the Contract. His resignation was accepted.<ref name=Marshall34/>
Continued difficulties in raising the finance meant that two new Bills were drafted and put before Parliament, one to continue construction but with an extended deadline for completion and the other to abandon its construction. On Peto's advice, the decision on which should be adopted was deferred until the next half-yearly shareholders' meeting in February 1858.<ref name=Marshall34/>
