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Background English and Irish colonists from St. Kitts first settled on Montserrat in 1632; the first African slaves arrived three decades later. The British and French fought for possession of the island for most of the 18th century, but it finally was confirmed as a British possession in 1783. The island's sugar plantation economy was converted to small farm landholdings in the mid 19th century. Much of this island was devastated and two-thirds of the population fled abroad because of the eruption of the Soufriere Hills Volcano that began on 18 July 1995. Montserrat has endured volcanic activity since, with the last eruption occurring in July 2003. Geography the island is entirely volcanic in origin and comprised of three major volcanic centers of differing ages Government type 3 parishes; Saint Anthony, Saint Georges, Saint Peter Population 5,118 Education expenditures 3.3% of GDP (2004) Economy - overview Industries 22 million kWh (2007 est.) Electricity - production 0 kWh (2008 est.) Stock of money $9.93 million (31 December 2008) Exchange rates