19 
Besides the expenses of road-making, parishes and districts have to 
meet considerable other charges in connexion with telegraphs, harbours 
ete. In the municipal accounts harbours are, however, not included, 
because most of them (in towns) have separate budgets, and their own 
sources of income (harbour dues and goods tax) to cover the expenses 
incurred. Other items of expenditure, chargeable exclusively to the 
parishes, are grants for the inspection of fodder stores, for the exter- 
mination of foxes, for cattle shows etc. Special expenses for the towns 
are the fire service and the police. 
Administrative expenses absorb 7 per cent. in the towns and 6 per 
cent. in the parishes, or on an average somewhat less than 7 ver cent. 
of the total current receipts. 
The interest payable on the local debt is in reality greater than 
shown in the above summary, for in many cases the interest on, and 
‘he reduction of, loans. raised for special purposes, as the building of 
schools and the construction of roads, are included in the expenses of 
these undertakings. 
Besides the current receipts the municipal and parish funds had, in 
1926, an extraordinary income of 1. million krénur, derived from 
loans and sale of properties. Of this sum 0.7 million krénur were de- 
voted to the payment of debts, 0s million krénur representing in- 
creased property and cash in hand. 
ASSETS AND LIABILITIES 
In 1926 the balance sheets of the municipalities and parishes showed 
assets (including those of various harbours) to an amount of 241 
million krénur, as follows: cash in hand and money: at interest O.s 
million krénur; securities 0.3 million krénur; funds for special pur- 
poses 0.5 millions; real estate 19.7 millions; .loans advanced and un- 
paid dues and taxes 2.1 million krénur; various other assets 0. mil- 
lions. As against this the liabilities were 10.2 million krénur, so that 
the net wealth of municipalities and parishes amounted to 143 millions. 
The local debt of Iceland has increased greatly during the last two 
decades or so. In 1895 the liabilities were but 45 thousand krénur; 
about 1900 they were still minimal, whereas by 1910 they had risen to 
Lo million krénur. 
The local debt in 1926 was distributed as follows: