The opening years of the twentieth century saw a new generation of Spanish immigrants. Land regulations issued in 1904–1905 favoured Spaniards, and most of the later big planters arrived from Spain after that. An agreement made with Liberia in 1914 to import cheap labor greatly favoured wealthy men with ready access to the state, and the shift in labor supplies from Liberia to Río Muni increased this advantage. Due to malpractice however, the Liberian government eventually ended the treaty after embarrassing revelations about the state of Liberian workers on Fernando Pó in the Christy Report which brought down the country's president Charles D. B. King in 1930. In 1940, an estimated 20% of the colony's cocoa production came from African-owned land, nearly all of it was in the hands of Fernandinos.