Australian colony established under the Wakefield system was already heavily in debt. It therefore considered it reasonable that the interests of shareholders should coincide with those of emigrants in the pursuit of the colony's prosperity. But members of the association decided the requirement was unacceptable. Reluctant to invest their own money in the venture, and wary of the risks of the shares being subject to fluctuations in the stock market, they rejected the offer. On 5 February 1838 the Colonial Secretary in turn advised Lord Durham that the charter had therefore been withdrawn. The New Zealand Association's plans would again hinge on a Bill being introduced to, and passed by, Parliament. Public and political opinion continued to run against the association's proposals. In February 1838 The Times wrote disparagingly of the "moral and political paradise", the "radical Utopia in the Great Pacific" conceived in "the gorgeous fancy of Mr Edward Gibbon Wakefield", in March Parliament debated—then defeated—Molesworth's motion of no confidence in the Colonial Secretary over his rejection of the association's plans, and later that month the association's second Bill, introduced by Whig MP Francis Baring on 1 June, was defeated 92 votes to 32 at its second reading. Lord Howick described the failed Bill as "the most monstrous proposal I ever knew made to the House". Three weeks after the Bill's defeat, the New Zealand Association held its final meeting and passed a resolution to the effect that "notwithstanding this temporary failure", members would persevere with their efforts to establish "a well-regulated system of colonization". Two months later, on 29 August 1838, 14 supporters of the association and the 1825 New Zealand Company convened to form a joint-stock company, the New Zealand Colonisation Association. Chaired by Lord Petre, the company was to have paid-up capital of £25,000 in 50 shares of £50, and declared its purpose was "the purchase and sale of lands, the promotion of emigration, and the establishment of public works". A reserved share of £500 was offered to Wakefield, who by then was in Canada, working on the staff of that colony's new Governor General, Lord Durham. By December, although it was still yet to attract 20 paid-up shareholders, the company decided to buy the barque Tory for £5250 from Joseph Somes, a wealthy shipowner and member of the committee. Within the British Government, meanwhile, concern had grown about the welfare of Māori and increasing lawlessness