Which of the following phrases (I), (II), and (III) given below each sentence should replace the phrase printed in bold letters to make the sentence grammatically correct? Choose the best option among the five given alternatives that reflect the correct use of phrase in the context of the grammatically correct sentence. If the sentence is correct as it is, mark (e) i.e., “No correction required” as the answer. 

Q:

At the time of the American Revolution most of the New World still belong to Spain and Portugal, whose captains and conquerors had been the first to come to its shores.
I. was still in possession of
II. yet belonged to
III. still belonged to

• 1
  Only I is correct
• 2
  Only III is correct
• 3
  Only I and III are correct
• 4
  Only I and II are correct
• 5
  No correction required