Established in 1628, Bridgetown is the capital and commercial centre of Barbados and has a population of nearly 100,000. Bridgetown was originally named "Indian Bridge" for the crude bridge which had been constructed over the river (now known as the Careenage) by the Indians. It was later called the "town of St. Michael" in official documents, before finally being named Bridgetown. Throughout history, the Careenage was an important hub of activity for inter-island trading vessels. Nowadays, the Careenage is mainly utilized by pleasure craft (catamarans, yachts, fishing boats, etc). The Parliament Buildings are also located in Bridgetown. The Barbados Parliament was established in 1639 and is the third oldest Parliament in the entire Commonwealth. Bridgetown continually plays host to various concerts, cultural festivals and historical lectures, a re-commitment to the renewal and continued development of the capital city.