Portsmouth has the distinction of being New Hampshire's first settlement, its second oldest city, its first capital, and its only seaport. For many years, Portsmouth's livelihood depended upon the sea; since the Revolutionary War, city life has centered around the Portsmouth Naval Shipyard. The yard, which once built clipper ships and now builds and repairs submarines, was the site of the signing of the Treaty of Portsmouth ending the Russo-Japanese War in 1905, though in 2005 it faces possible closure. Today Portsmouth enjoys a reputation as one of the finest vacation spots in New England. It also represents economic opportunity for businesses with its tax advantages and global access via its port along with community leaders' efforts to draw high-technology firms to the city.