In the other direction, construction of Haddiscoe Cut began, to link the river at Haddiscoe to the River Yare at Reedham, enabling vessels from Norwich to bypass Yarmouth. With funds running low, a decision was taken to borrow the additional £50,000 which the enabling Act allowed and so a request was made to the Exchequer Bill Loan Commission for this amount. Work was completed on the cut and the upgrading of the river to Norwich and the formal opening took place on 30 September 1833. The venture was a commercial failure, as development of Norwich as a port did not occur and Lowestoft harbour was subject to silting. With income failing to match expenditure, the Exchequer Bill Loan Commission could not be repaid, so they took over the navigation in 1842 and sold it to the railway contractor Sir Samuel Morton Peto.