The Iceland year-book - 01.01.1927, Side 78

Commercial statistics for 1926 are not as yet
available in their ultimate form, but on the basis
of a rough calculation of the returns, exports dur-
ing the year amounted to 48 million currency kron-
ur (approximately 39 million gold kronur) and the
imports to 50 million currency kronur (41 million
gold). The adverse trade balance of approximately
4 per cent, is in the main due to abnormally low
prices of the principal export articles. The purchase
of some steamtrawlers as well as a gunboat for the
patrolling of the territorial waters also makes a
heavy item on the imports list.
The exchange remained stationary during the
year, the gold value of the krona being 0.815. The
selling rate of the pound sterling in the Icelandic
banks was kr. 22.15, and that of the U. S. A. dollar
kr. 4.57.
Measures, Weights, The metric system of weights
and Coinage. and measures is obligatory in
Iceland. The monetary system
is the same as in other Scandinavian countries. The
unit is the krona (pi. kronur) which is divided into
100 aurar (sg. eyrir). Metal coins are: 1 eyrir, 2,
with Iceland through Scandinavian agents. The absurdity
of this arrangement ought to be patent to anybody who
troubles to look at the map, and it is no exaggeration to
say that it is deeply resented by many Icelandic merchants,
who consider themselves slighted by this attitude, and so
withhold their custom from houses refusing to trade direct.
To American exporters who for some reason or other prefer
to deal through a third party it should be evident from
the geographical position of Iceland that an agent in Eng-
land or Scotland would be best situated for this purpose.
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