The colony was a private business venture to exploit the fur trade in beaver pelts. New Netherland was slowly settled during its first decades, partially as a result of policy mismanagement by the Dutch West India Company (WIC), and conflicts with Native Americans. During the 1650s, the colony experienced dramatic growth and became a major port for trade in the Atlantic World, tolerating a highly diverse ethnic mix. The surrender of Fort Amsterdam to the British control in 1664 was formalized in 1667, contributing to the Second Anglo–Dutch War. In 1673 the Dutch re-took the area, but later relinquished it under the 5 April 1674 Treaty of Westminster ending the Third Anglo-Dutch War.