He had financed Griffiths Williams, a Slate Merchant, to buy the leasehold interest in the Moel Tryfan Quarry in 1873 and they had been granted a new lease in 1876. They built the incline to the Drumhead incline of the NWNGR. Pugh was a majority shareholder in the Moeltryfan Slate and Slab Quarries Co. Ltd formed in 1879 to take over the quarry.
In 1881 he was a member of a syndicate which purchased the lease and assets of the Vron and Old Braich Quarries at Moel Tryfan establishing a rail link with Drumhead at the top of the NWNGR incline. The Company formed continued for 9 years until liquidated in 1891.
In 1882 he had been a promoter of the Portmadoc & Beddgelert Railway scheme, engineered by W.H. Lefevre and Thomas Savin as contractor, but the Bill did not pass Standing Orders and was not introduced.
He was born in 1814 and was a Banker, firstly with the North and South Wales Bank. He moved to Pwlheli and about 1850 founded the Carnarvonshire District Bank with branches over North Wales.
He was a JP and Mayor of the Boroughs for many years and Mayor of Carnarvon in 1877 and 1878.
He died on 15 May 1887 after several months of illness aged 73 at his home Llys Meiron, near Carnarvon.
- Stock Exchange Year Books
- Gwynfor Pierce Jones & Alun John Richards. 'Cwym Gwyrfai' p288.
- Cambrian News 22 September 1882
- Gwynfor Pierce Jones & Alun John Richards 'Cwym Gwyrfai' p254-7.
- Wrexham Advertiser 21 May 1887
- Cambrian News 29 May 1887