Regrouping after this, the board pursued Edward Watkin, an MP with many other railway interests, as chairman. He did advise that the board that it needed to reconstitute itself in order to rebuild confidence in order to acquire new capital. Some existing members of the board were not pleased with this and it was not until 3 January 1868 that a reduced board of eleven members met with six new members including Watkin and Viscount Cranbourne MP who was elected as the new chairman.