Widely divergent costs for the project were discussed. The original estimate was £140,000 if the railway was built, and £200,000 if the tunnel was built. Opponents suggested the cost would be nearer £700,000, and John Rennie estimated the tunnel line would cost £440,790 in 1809. Opponents argued that the real intent was to improve the water supply for the Basingstoke Canal or to line the pockets of George Hollis, the owner of the Itchen Navigation. There was considerable interest in the scheme, as 1,244 shares of £100 had been subscribed by early 1809, but with opposition from land and mill owners, and Rennie's report indicating much higher costs, the project was dropped.