However, Penang's importance was soon supplanted by Singapore, as the latter rapidly outstripped the Port of Penang as the region's premier entrepôt. In 1832, Singapore replaced George Town as the capital of the Straits Settlements.Even so, the Port of Penang retained its importance as a vital British entrepôt. Towards the end of the 19th century, it became a major tin-exporting harbour. George Town concurrently evolved into Malaya's principal financial hub, as banks and mercantile firms flocked into the city. Meanwhile, other towns, including Bayan Lepas on the island, and Butterworth and Bukit Mertajam in "Province Wellesley", emerged due to agricultural and logistical developments.