The canal was not a financial success, and in 1866 the company obtained an act of Parliament, the ' (29 & 30 Vict. c. cxxi) that would allow them to sell the canal providing three-quarters of the shareholders agreed. In 1885, they decided to use this power, as Edward Press, the owner of Bacton Wood mill, and a trader with a fleet of wherries, wished to purchase it. The sale was completed on 16 March 1886, on the understanding that the £600 price would be distributed to the shareholders. Holders of 446 of the original 586 shares were traced, but after paying money on 55 shares, James Turner, the London solicitor handling the sale, absconded with the rest of the fund. The proprietors felt morally bound to refund the money themselves, but did not do so immediately, as none of the shareholders made a claim. Eventually in 1896, five of them, including Press who had bought the canal, contributed £110 17s 7d (£110.88) to a fund which was distributed as a dividend to those who had not been paid.
The canal was not a financial success, and in 1866 the company obtained an act of Parliament, the ' (29 & 30 Vict. c. cxxi) that would allow them to sell the canal providing three-quarters of the shareholders agreed. In 1885, they decided to use this power, as Edward Press, the owner of Bacton Wood mill, and a trader with a fleet of wherries, wished to purchase it The sale was completed on 16 March 1886, on the understanding that the £600 price would be distributed to the shareholders. Holders of 446 of the original 586 shares were traced, but after paying money on 55 shares, James Turner, the London solicitor handling the sale, absconded with the rest of the fund. The proprietors felt morally bound to refund the money themselves, but did not do so immediately, as none of the shareholders made a claim. Eventually in 1896, five of them, including Press who had bought the canal, contributed £110 17s 7d (£110.88) to a fund which was distributed as a dividend to those who had not been paid.