ˌɔn twˈɛnti tˈuː noʊvˈɛmbɚ nˈaɪntiːnhˈʌndɹɪd ˈeɪtiːn ðə fˈɜːst mˈiːɾɪŋ tˈʊk plˈeɪs ʌvðə sˈaʊθ mˈeɪtlənd ɹˈeɪlweɪz pɹəpɹˈaɪətɛɹi lˈɪmɪɾᵻd, ɐ kˈʌmpəni ɪŋkˈoːɹpɚɹˌeɪɾᵻd wɪð ɐ kˈæpɪɾəl ʌv pˈaʊnd fˈaɪvhˈʌndɹɪd,zˈiəɹoʊzˈiəɹoʊ zˈiəɹoʊ ɪn pˈaʊnd wˈʌn ʃˈɛɹz, ænd ðɪs kˈʌmpəni ᵻvˈɛntʃuːəli ɐkwˈaɪɚd ðɪ ɛntˈaɪɚ kˈoʊlfiːldz ɹˈeɪlweɪ nˈɛtwɜːk.
On 22 November 1918 the first meeting took place of the South Maitland Railways Proprietary Limited, a company incorporated with a capital of £500,000 in £1 shares, and this company eventually acquired the entire coalfields railway network.