The basis on which these Atlantic colonies had been established was that of business concerns; for it was officially stated that the Association's scheme was objected to because of the absence of an actual subscribed capital, and the consequent want of protection to those proceeding to the colony as emigrants. For the reasons already given, the stipulation that the Association should convert itself into a Joint-Stock Company was so contrary to the motives which had inspired it that it was at first, and still was, hotly resented and resisted by its principal and truly philanthropic promoters. Many of these now withdrew from the ranks of the Association; but others, rather than give up the hope of colonising the Islands, consented to comply with the demand of the Minister, after Parliament had rejected their Bill, as they wrongly assumed, for the insufficient reason of a non-existent capital. The Association then, in 1838, became a Company, shares were issued, capital subscribed, the reorganisation changing its whole character from a quasi-benevolent to a strictly commercial concern, whose business it was to buy land at a low price in New Zealand, and sell it at a high price in England.[36] In the meantime a change had taken place at the Colonial Office. Lord Glenelg had fallen over his Canadian policy, and in the year following its reconstruction, the Company, on the ground that they had now complied with all that had been stipulated for, approached his successor, Lord Normanby, "with a view of obtaining, through his Lordship's intervention, a Royal Charter of Incorporation." Upon what took place at this interview the widest divergence of opinion appears to exist. The Company claimed that the Minister received them with the greatest affability and encouragement, and that in consequence they left the Colonial Office in high spirits at the very favourable reception they had met with, and were perfectly satisfied in their own minds that all opposition to their scheme had not only ceased, but that they could proceed with the full concurrence of the Government.