Is that an actual fact from Railway Magazine or is it just a wild guess from them?
What makes me question this is that the Paignton and Dartmouth Steam Railway is a commercial operation and is profit based. If they aren't making money then why do they operate?
A little bit about the Dart Valley Railway and its commercial operation. Back around 1972 the company issued shares of £1 each. I was a young teenager at the time and having visited the original Buckfastleigh Totnes line several times on holiday my father as a gift for my 13th birthday that year bought me £100 pounds worth of shares. I later discovered what he did was technically illegal as apparently you are not supposed to hold shares until you are 18! So there I was on my 13th Birthday instead of receiving from him the usual model railway equipment and books as in previous years I was presented with a share certificate!!
My father wasn't a railway enthusiast but indulged my interest, he dabbled in a very small way on the stockmarket and had never believed the railways should have been nationalised in the first place. The promotion of the Dart Valley Railway shares were seen by him as the dawn of a new age of privately owned railways.
The actual share sale was to fund the purchase of the Paignton to Kingswear line. The company being originally formed to operate the Ashburton Branch to Paignton via Buckfastleigh. However, plans were truncated by the Ashburton to Buckfastleigh line being taken for the A38 trunk road in 1971. There were also difficulties connecting with the mainline at Totnes at the time. Thus when Paignton to Kingswear was advertised for closure the DVR bought it
For many years the Dart Valley Railway Company ran both lines and I am sure during that period only two dividends of around £2.00 each were received, though when dividends were not issued shareholders received an annual complimentary ticket. The Buckfastleigh line appeared to be the drain on profits unlike the Kingswear line which carried a lot of traffic and made an end on connection with BR at Paignton. It had also been the intention to run a daily commuter service - but unfortunately that did not last more than the first year.
When the Buckfastleigh line was leased and later sold the commercial position of the DVR company changed. Enough money was now being made to pay an annual dividend which gradually increased. The company also dabbled in running a cinema adjacent to Paignton Station I seem to recall. However, later they acquired the pleasure steamer and ferry operations on the River Dart, then started running buses.
For quite a few years the shares were traded on the London Stock Exchange - unfortunately as the company owns the freehold of their land there were concerns that the company could be taken over for the value of its real estate at Kingswear which it has a very desirable waterfront location. As a consequence the company was delisted though remained a plc Public Limited Company
About two or three years ago it was decided to change the status to a Private Limited Company (LTD).
Up to last year dividends were reaching a good level on the 100 shares my Dad bought me and the initial £100 purchase price has been returned many times over.
However, thanks to COVID 19 there won't be any dividend this year and probably not for some years to come as losses will have undoubtedly built up and will need repaying.
Anyway that is my insight into the Paignton - Kingswear line being a shareholder!
John