Laxey agreement that it should be kept in perpetual running order for the people of the Isle of Man. In 1965 the Isle of Man Government bought the wheel and the site. Restoration work began, and in 1989 it was put under the control of Manx National Heritage. Great Laxey Mine Railway re-opened with two small steam engines in September 2004 to carry passengers along the restored route. Laxey is the site of King Orry's Grave. The Laxey Woollen Mills were founded in 1881 by Egbert Rydings, supported by John Ruskin, and were originally water powered. The mills are known for
SS Ellan Vannin (1854) the "Manx Fairy" on the route. This was seen as a sensible course of action as opposed to sustaining a weekly loss of £12 over the winter months. It can be assumed that the offer of the winter charter was accepted as there is no published schedule in the Manx Press for the "Ellan Vannin" from 10 December 1856 until mid-May 1857. The question was also raised at the meeting as to whether the Board had received an offer for the sale of the "Ellan Vannin". One shareholder understood that the company had been offered £14,000 (equivalent to £ in