 The new company was unable to raise sufficient investment to begin construction of the Oxford extension, and had been given only five years by Parliament to build it. On 7 August 1888, less than two weeks before the authorisation was due to expire, the directors of the Oxford, Aylesbury and Metropolitan Junction Railway Company received the Royal Assent for a revised and much cheaper version. To be called the Oxford & Aylesbury Tramroad (O & AT), this envisaged the extension being built to the same light specifications as the existing Tramway.
