Today there is only one steam railway left in the IoM – the line from Douglas to Port Erin. The first steam railway to open in 1873 was the 11 ½ mile long Douglas to Peel line built by the Isle of Man Railway Company (IMR). A year later the 15 ½ mile long Port Erin line was opened. The company had wanted to build a line to Ramsay but could not find enough funds. In 1877 a separate company (the Manx Northern Railway) was formed to build a line from St. Johns to Ramsey (16 ½ miles) – this was achieved by 1879. The last railway to be built (and the first to close in 1945) was the short Foxdale Railway which was later incorporated into the MNR. The collapse of Dumbell’s Bank in 1900 resulted in financial uncertainty for many companies in the IoM and in 1903 the MNR had to sell out to the IMR. 1965 was almost the end for the railways. UK holiday makers had discovered cheap holidays abroad and the passenger numbers on the IMR had fallen accordingly. Freight service has also almost completely disappeared. No trains ran in 1966. The Marquis of Ailsa leased the IMR for 21 years from 1967 and services started again to run, though the Peel and Ramsey lines closed in 1968/9. The IMR still lost money and the Marquis was able to terminate the lease after 5 years (as per the original contract). Today the IMR is run by the IoM government (like the MER and the SMR).