J) 
the supervision of a Savings Banks Inspector, there are no regulations 
as to how they may or may not invest their funds. 
Other financial institutions require a special authorization by law in 
order to carry on savings banks business. 
Séfnunarsjédur Islands (a special kind of Savings Bank) was esta- 
blished in 1885, while its laws and regulations were embodied in an 
Act of Althingi dating from 1888. The Séfnunarsiédur is divided into 
four departments, viz: 
I. The Head Department (Afaldeild} receives deposits on condition 
that they shall never be wilhdrawn. Only the ownership of the in- 
terest on such deposits can therefore change hands. 
The Paying-out Department (Uthorgunardeild) receives deposits 
which may be withdrawn together with the interest payable on 
them at any time after they have stood there for 15 years. 
The Equipment Department (Biistofnsdeild) receives deposits from 
persons under 20 years of age, and pays the capital back to them 
with interest when they have reached their 25th birthday. 
The Old-Age Pension Department (Ellistyrktardeild) receives de- 
posits from persons under 60 years of age, paying the amounts back 
to them with interest after they have completed their 65th year. 
The board of directors consists of three members, a manager, ap- 
pointed by the United Althingi, and 2 controlling directors, one ap- 
sointed by either House. 
On the 31st of December 1928 the assets of the Séfnunarsjédur 
amounted to 2273518 krénur, of which 2 147327 krénur were repre- 
sented by mortgage bonds, i. e. loans granted on first mortgage on 
real property. — On the same date its liabilities were: 
3 
Deposits in the Head Department . 1994 164 krénur 
Deposits in the other Departments . 148063 — 
Unpaid interest on deposits etc. . 14710 — 
Qoagserve fund . . . 116 572 
INSURANCE 
Marine Insurance. When Samibyrgd [slands 4 fiskiskipum (The 
Mutual Insurance of Icelandic Fishing Vessels) was established in 
1909, Iceland did not possess any marine insurance companies of 
native origin. The Samébyrgd began its operations in 1910, and is 
a mutual company with a sphere of activities covering the insurance of 
all kinds of fishing vessels and boats including their catch and gear. 
In 1929 the company’s premiums totalled 219390 krénur.