ALL aboard the bonanza express!

The North Yorkshire Moors Railway (NYMR) will launch a share issue on Tuesday to prepare for its biggest expansion of services for more than 30 years.

The extra money will allow steam trains to extend their 18-mile run from between Pickering and Grosmont by a further six miles to Whitby.

It will mean the scenic route designed and built by George Stephenson in 1836 will finally be restored for the first time since British Rail axed services in 1965, opening up a whole new passenger market.

NYMR hopes within a year to start sharing the Esk Railway line with Northern Trains, which operates a four-trains-a-day service between Whitby and Middlesbrough.

By adding four of its own trains NYMR will double the service between Grosmont and Whitby.

The cash injection would also pay for upgrading signalling systems at Grosmont, where the route meets the Esk railway line between Middlesbrough and Whitby, as well as the estimated £30,000 to £50,000 for Network Rail licences to operate on the six extra miles.

That could entail fitting trains with aircraft-style "black boxes" to monitor the machinery in case of accidents.

Work has already begun restoring one of three steam locomotives in NYMR's fleet of steam and diesel trains, but the extension will mean the purchase of extra rolling stock.

The money raised would also help to increase line capacity by double tracking between Levisham and Goathland and meet the costs of phased restoration of two bridges - one made of iron the other masonry, between Grosmont and Goathland.

Then there is the cost of extra manpower. NYMR has 90 permanent staff rising to 130 in the busy summer season plus 200 volunteers. The extra line to Whitby could mean the need for ten more people, some of them volunteers. Ken Kitchen, group financial controller, said: "We have had two share issues in the past which raised £250,000. If this time we raised £500,000 we would be pleased. If it's £1 million we would be happy. If £2 million, we'll be ecstatic."

In the eight years since the last share issue, turnover has increased by 52 per cent to £1.64 million, while sales from retail operations on the stations has jumped 29 per cent to nearly £590,000 and catering and diner train activities are up by 69 per cent to more than £645,000.

Anyone who buys more than 100,000 shares will get major perks, including a life travel pass for four and eight dining tickets per year for life. Buy between 100 and 249 shares and you get two return travel tickets per year for the next five years.

There are other concessions, such as getting footplate experience and free corporate hire of a saloon car.

Updated: 12:00 Friday, May 19, 2006