In 1664, the Duke of York had the King Charles II create the new colony for Lord John Berkeley and Sir George Carteret. It was named the Province of New Jersey after George Carteret; in 1649, he was Governor of the Isle of Jersey. Lord John Berkeley kept his share of New Jersey from 1664 until 1674, when he sold it to two Quakers, John Fenwick and Edward Byllynge. This due to political difficulties between him, Carteret, and Governor of New York Richard Nicolls, as well as financial difficulties. Governor Richard Nicolls had objected to the Province of New Jersey as he had exercised control over the area prior under the Province of New York. After Edward Byllynge suffered a bankruptcy and having issues with his creditors, William Penn, one of the creditors, was chosen to be arbitrator. They argued that he funded the purchase of Lord John Berkeley's share of the Province of New Jersey with funds that were justly due to them. It was decided that Fenwick was entitled to 10% of the share, while 90% would be controlled by trustees that are chosen for the benefit of the creditors of Edward Byllynge, who were mostly Quakers themselves. The trustees were chosen to be William Penn, Gawen Laurie and Nicholas Lucas. The goal was to have the trustees sell the territory to colonists so that the creditors of Edward Byllynge would be made whole. It was also hoped that Quaker may be motivated to emigrate to this territory. At the time, the Society of Friends were flirting with the idea of "new country", where they could practice their religious beliefs and not be shamelessly persecuted. In 1676, the Quakers decided to form a colony, spittling the previous colony in two, East Jersey and West Jersey for the Quakers. Quakers settled in the area at the end of the 17th century and the start of the 18th century, drawn by promises of religious freedom, fairer taxation and more representation in government.