 In June 1850 the company admitted land sales in Wellington, Nelson and New Plymouth had remained poor and its land sales for the year ended April 1849 amounted to only £6,266.With little prospect of trading its way to profitability, the company surrendered its charter.A select committee report concluded the company's losses were "mainly attributable to their own proceedings, characterised as they were in many respects by rashness and maladministration."