The financial crisis of 1866 saw loan interest rates rise to 10% on 12 May. On 8 June the board approached Parliament for the right to borrow more money and raise additional money through new shares to fund the expansion programme outlined above. This was confirmed on 4 July. By this time there was little money available for dividends and the company looked very carefully at their expansion programme and unprofitable branch lines. By December 1866 little interest was being shown in the new shares, so the board went unsuccessfully to the Bank of England and Union Bank for further loans. The GER did, however, manage to agree running rights via the Great Northern Railway as far as Wakefield and with the Manchester, Sheffield and Lincolnshire Railway to interchange traffic at Lincoln and Retford.