Iceland 1930

Bibliographic data

Monograph

Identifikator:: 1830571079

URN:: urn:nbn:de:zbw-retromon-221162

Document type:: Monograph

Title:: Iceland 1930

Edition:: 2. ed.

Place of publication:: Reykjavík

Publisher:: Ríkisprentsmiđjan Gutenberg

Year of publication:: 1930

Scope:: 193 S.; Tab., Kt., Taf.

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: State and municipal finance

Collection:: Economics Books

145 National debt thus amounting to 13.6 millions. The net wealth of the State on the 31st of December 1928 was thus 22.s million krénur. Up to 1908 State loans were practically unknown in Iceland, though at New Year when accounts were made up between the Icelandic and Danish treasuries, there was sometimes a small balance in the latter's favour. But in 1908 a loan of half a million krénur was negotiated for the construction of telegraph lines; and in 1909 another loan of 1/2 million krénur was taken up for the purpose of buying bank- bonds. Since then other loans have been raised for the same pur- poses and for making roads and harbours, or defraying the expenses of other undertakings. After the Great War broke out, loans had fo be raised to buy ships, and for other measures made necessary by the war to ensure the importation of supplies to the country from abroad. At first these loans were placed exclusively in Denmark, but since 1916 some of the loans have been subscribed in Iceland, and in 1921 a loan of £ 500000 was raised in England, about three-fourths of which were again lent to the banks on the same terms as it had been negotiated, so that the State, though responsible for the whole amount, has used only one-fourth of it; consequently the other three- fourths are not included in the National Accounts. The following table will show the size of the National debt up to and including 1928: December 3°s¢ “10 C 1s t+ - 1926 1927 O28 Total National Debt National Debt 1000 krénur ver head of population 30 krénur 40 — 212 — 160 185 118 113 109 120 Though these figures show an enormous increase in the National debt during the Great War; vet, proportionately to the number of population, our burden is not so heavy as that of the other European nations. Besides, the National debt, as shown above, was considerably reduced in 1924, and still more so in 1925, that year being so excep tionally favourable that the State receipts exceeded the estimated ex- penditure by 5%: million krénur, 4 millions of which were employed to pay off all short term loans, over and above the usual reduction.

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