Since then the industry has fluctuated greatly, depending on the market for the shell. Many outsiders have experimented in the fishery, but most of these attempts have resulted in financial loss, through mismanagement, storms, sickness, or other causes. A story is told locally of a party of thirty men, principally from Scotland, who arrived at Panama equipped with a diving-bell and such necessary machinery as air-pumps, windlasses, etc. Much was expected of their operations, but soon yellow fever broke out among them, and within six weeks two thirds of the members of the party had died. The remaining members, becoming disheartened, and in fear of the dread disease, lost no time in leaving the country. The diving-bell and machinery remained for several years as a curiosity at Panama, for no one returned to claim them, nor has the use of similar apparatus been attempted since then. The scattered pearl reefs extend from the east side of the Bay of Panama nearly to the Costa Rica boundary. However, this gives an exaggerated idea of their area, as much of this territory yields no pearl-oysters whatever. The principal reefs and the headquarters of the fishery are at Archipelago de las Perlas or Pearl Islands, which are from thirty to sixty miles southeast of the Pacific terminus of the projected Panama Canal. This archipelago contains sixteen small islands, on which are about twice that number of small settlements of Negro and Indian descendants, with a total population of perhaps one thousand. About half of these live on Isla del Rey, the largest island, about fifteen miles long and half that in width. The chief village, San Miguel, is the center of the pearling industry, and consists mostly of palm-thatched huts and a handsome stone church, more costly than all the remaining buildings of the town combined. While the soil is fertile and some vegetables are raised, the inhabitants depend almost wholly on the fisheries. In 1901, the Republic of Colombia invited bids for the right to operate the pearl and coral fisheries for a term of fifteen years, but nothing seems to have come of it, and the establishment of the Panama Republic in 1903 terminated the authority of Colombia in these resources. The Panama fisheries differ widely in their character from those of Venezuela. The mollusk is much larger, averaging about six inches in diameter when fully grown, thus furnishing a valuable quality of mother-of-pearl. The shell constitutes the principal object of the fishery; the pearls themselves are of incidental importance, but are always looked for and anxiously expected.