With the coming of the railways, the proprietors sought to lease the canal to a railway company in 1860. After a Bill to authorise the arrangement with the London and North Western Railway was defeated in the House of Lords in 1863, it was reintroduced the following year, and became an Act of Parliament on 29 July 1864. The canal company then received £12,665.87 per year for the lease of the northern end of the canal, which allowed them to continue paying dividends and to make investments. Eventually, the railway company offered to buy the canal, and this was formalised by an Act of Parliament obtained on 16 July 1885, although they actually took over the canal on 1 July.