Bolivian-Chilean national borders had not been agreed upon until 1866, when the two countries had negotiated a treaty that established the 24th parallel south as their boundary. In Chile, the territories recognised as Bolivian on the Pacific coast were seen as ceded, while in Bolivia they were seen as finally recognised by Chile as Bolivian. This treaty also entitled Bolivia and Chile to share tax revenue on mineral exports out of the territory between the 23rd and 25th parallels. The area between the 25th and 23rd parallels would also remain demilitarized. A second treaty in 1874 superseded this, entitling Bolivia to collect full tax revenue between the 23rd and 24th parallels, but fixed tax rates on Chilean companies for 25 years. At the time, most economic exploitation of the coastal region was being conducted by Chilean companies and British interests under the aegis of Chile's more robust economy and more stable institutions. Bolivia subsequently became dissatisfied at the arrangement due to the negative financial status of the national budget, especially after the earthquakes that struck Cobija in 1868 and 1877. This was the only small coastal town founded by Bolivians.