Frank Rayner, who had been with the company since 1887, and had served as its engineer and later general manager since 1896, died in December 1945. Sir Ernest Jardine, who as vice-chairman had partly funded the first lock at Cromwell in 1908, died in 1947, and the company ceased to exist in 1948 when the waterways were nationalised. The last act of the directors was to pay a 7.5 per cent dividend on the shares in 1950. Having taken over responsibility for the waterway, the Transport Commission enlarged Newark Town lock in 1952, and the flood lock at Holme was removed to reduce the risk of flooding in Nottingham. More improvements followed between 1957 and 1960. The two locks at Cromwell became one, capable of holding eight Trent barges, dredging equipment was updated, and several of the locks were mechanised. Traffic increased from 620,000 tonnes during 1951 to 1,017,356 tonnes during 1964, but all of this was below Nottingham. Commercial carrying above Nottingham ceased during the 1950s, to be replaced by pleasure cruising.