receiver, and at a shareholders' meeting in November 1889 it was stated that the company had liabilities of over £108,000 on working costs as well as £71,645 on unpaid debenture interest and guaranteed share dividends. At a further meeting on 2 May 1890 the debenture holders accused Read of being to blame for getting the line into this situation, and demanded his removal, as well as a declaration that their debenture payments should rank equally with the railway operating costs, contrary to normal practice when a line was in receivership. Appeals were eventually dismissed and despite the legal and financial difficulties the railway kept running. It was not until 16 August 1892 that a scheme of financial arrangement was finalised. Improvements despite the crisis While this was continuing, some capital improvements took place, largely funded by the Midland Railway. Signalling was modernised, some additional crossing places were established as well as some short lengths of double track, and the Bourne to Saxby line continued to be built. On 25 July 1890 an avoiding line at Spalding was authorised, enabling through running past the south of the town. It opened for goods traffic on 5 June 1893, and on the same day the Saxby to Bourne section opened, also for goods only. On 28 June 1892 the Sutton Bridge was authorised to be renewed. It opened on 18 July 1897; it was a swing bridge, and carried road and rail traffic. There were tolls on the road part of the bridge, but these were given up in 1902. The words Midland and Great Northern Joint Railway appeared in public timetables for the first time in 1890. The M&GNJR is formed The 1889 arrangement whereby the Midland and GNR jointly took over E&MR lines applied only to the western section. Now in 1891 the two larger companies indicated that they wished to acquire the eastern section too. This was agreed in October 1892, and a Bill was submitted to the 1893 session of Parliament. The consideration was £1,200,000 of Midland and GNR 3% rent stock, although there were complicated provisions for preference and debenture shareholders. Both eastern and western sections transferred to the M&GNJR. With only minor interference from the GER, the new arrangement passed in Parliament on 9 June 1893: the Midland and Great Northern Joint Railway would become an incorporated entity (rather than just a committee delegated by the two