816
ICELAND
Budget estimates for the year 1921 : —
Revenue
Kr6nur
Expenditure
Kronur
Taxes ....
1,355,000
Interest on State debt
405,428
Customs ....
2,460,000
Reduction of debt
858,981
Post and telegraphs
750,000
The civil list of the
Balance of domain rev-
King
60,000
enue and shipping trade.
368,200
Althiugi and the cen-
Interest on State assets.
148,000
tral administration .
26,000
Other revenues
101,100
Foreign Affairs .
40,060
293,400
Sanitary affairs .
821,430
Communications .
1,486,000
Ecclesiastical affairs
and instruction
519,939
Science, literature, and
art .
187,790
Trade, etc.
519,939
Pensions
123,187
5,182,300
Other expenditure
123,100
Total revenue .
Total expenditure
4,759,201
(285,3691.)
(262,0711.)
The State possesses a comparatively large reserve fund invested in different loans. On December 31, 1919, it amounted to 1,716,000 kronur (about 94.500Z.)
The public debt of Iceland has been incurred partly by the establishment of telegraph lines and other important public works, partly by increasing the means of the National Bank, but mainly owing to the extraordinary ex- penses caused by the European War (buyiug of ships and providing of commodities). The public debt was on December 31, 1919, 16,064,521 kronur (992,245Z.). It is in a great measure a foreign debt, due to Danish creditors. The foreign debt amounted to 9,630,364 kronur, and the internal debt 6,434,157 kronur.
The income of the communes in 1915 was 1,501,000 kronur, and the expenditure 1,462,000 kronur.
Defence, — Iceland possesses neither an army nor a navy, nor any fortifi- cations, and according to the Act of Union of 1918 its permanent neutrality is established.
Production- — Of the total area of Iceland, about six-sevenths is unpro- ductive, but ouly about one-quarter per cent, is under cultivation, which is confined to hay, potatoes, aud turnips. In 1919 the total hay crop from cultivated and uncultivated land was about 2, 600, 000 cwt. , the crop of potatoes 66,000 cwt., and of turnips 18,000 cwt. In the spring of 1919 the live stock was as follows :— Horses 51,500, head of cattle 25,600, sheep 580,000, goats 1,900.
The total value of the fisheries in 1917 was estimated at 19,300,000 kronur (about 1,065, 0001.), whereof the cod fishery was valued at 16,200,000 krdnur, the herring fishery at 2,900,000 kronur, aud the shark fishery at 200,000 kronur.
Commerce, — Total value of imports and exports for 5 years : —
1914
£
997,321
1,147,052
l'.'lf.
1916
1917
1918
Import* . Export* .
£
1,446, n:::i 2,182,442
£
2,157,689 2,208,
2,:i9:S,475 1,636,300
£ 2,259,235 2,033,050
