In March of 1565 the Portuguese got around to founding their own city at Rio de Janerio which they named Sebastiใo do Rio de Janeiro, in honor of St. Sebastian. Farming sugarcane was the major industry in the surrounding region. As it became an important export the harbor began to become crowded with ships bound for Europe. Unfortunately, this activity attracted the attention of buccaneers. In 1711 the French privateer Ren้ Duguay-Trouin raided the city and held the governor for ransom. In the mid-18th century gold was discovered inland and an influx of European settlers transformed Rio de Janerio into a boom town. By 1749 the city's population had expanded to 24,000 and soon it became the capital of the Portuguese colony. Though sugar and gold declined in importance as exports in the 19th century, they were replaced by coffee. Later, cotton and rubber also began to be shipped overseas.