 The company was formally incorporated in April 1845 under the shorter name of the North Staffordshire Railway . As a way of eliminating opposition to the Company 's Bills in Parliament , and to allow it to promote a line to Liverpool , the company made an agreement to take over the Trent & Mersey Canal Company . This was achieved by T & M shares being swapped for preference shares in the NSR . These preference shares paid a guaranteed annual dividend of 5 % once the entire railway was open . The total purchase cost of the T & M to the NSR £ 1 @,@ 170 @,@ 000 . 
