A 
1890 deck boats (smacks) began to be introduced. The number of 
vessels of this kind steadily increased up to 1900, but they have since 
been gradually replaced by motor boats and steam trawlers. The foreign 
trade, too, has, in an ever increasing degree, been taken over by 
native merchants. In 1928 the population was 105000, two-fifths of 
them living in towns. The same year the revenue of the State amounted 
to some fourteen million krénur; the export of fish products, to sixty 
six million krénur; that of farm produce, to upwards of eight million 
krénur, while the imports did not exceed sixty million krénur. 
There are at present three banks in Iceland, viz. Landsbanki fslands 
(The National Bank of Iceland), which commenced operations in 1886; 
Utvegsbanki Islands (the Fishing Trade Bank of Iceland), and Buin- 
adarbanki Islands (The Rural Bank of Iceland), both formed this 
year (1930). Utvegsbanki [slands took over the assets and lizbilities 
of [slandsbanki (The Bank of Iceland, established in 1905). All three 
banks have their headquarters in Reykjavik, and the two first-men- 
tioned four branches each in various parts of the country. All these 
banks are established by special acts of ‘Allhingi under which they 
enjoy certain privileges. Since 1923 (law of 20th June) banks and savings 
banks are under the supervision of a Banks and Savings- Banks Inspector. 
The following table gives a concise record of the development of 
the banks + 
Year 1886 
m0 
-pn 
a 
Current Accounts Deposits at Savings 
Sundry Loans Bills Discounted Deposits Banks Interest 
1000 kr 1000 kr. 1000 kr. 1000 kr. 
353 
562 
1209 
5126 
30119 
42 741 
Landsbanki Islands (The National Bank of Iceland) was founded 
by law of 18th September 1885 and commenced activities on the 1st of 
July the following year. To this bank the government originally made 
a grant of 500000 krénur in treasury notes, a sum which in 1900 was 
increased to 750000 krénur. Pursuant to law of 1922 the National 
Bank has, since 1924, been issuing treasury notes to replace those 
withdrawn by fslandsbanki. 
The issue of bank notes in Iceland was regulated by an act of Al- 
thingi (of April 15th, 1928) granting the exclusive right of issue to 
The National Bank of Iceland. But at the same time there were intro-