In 1880 the Industrial Association was established, with its first board elected the following year. It supported new industrial incentives and propagandized against the defenders of an essentially agricultural Brazil. 9.6% of the capital of the Brazilian economy was directed to industry by 1884, and by 1885, 11.2%. This figure dropped sharply during the republican period, falling to 5% between 1895 and 1899, and improved slightly to 6% between 1900 and 1904. Still, it took many years to return to the level that prevailed during the Empire. At the time of its downfall in 1889, monarchical Brazil had 636 factories (representing an annual rate of increase of 6.74% from 1850) with a capital of Rs 401.630:600$000 (annual growth rate of 10.94% since 1850). Of this amount, 60% were employed in the textile sector, 15% in food, 10% in the chemical, 4% in timber, 3.5% in clothing and 3% in metallurgy.