The Saint Paul globe., 1903-11-08

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form, as before, nearly or quite one
fourth of the budget.
Has No National Debt.
Iceland has no debt, and possesses. In
valuable securities. reserve fund OF
nearly 100000 crowns. of which the in
receipts, although the principal may be
drawn upon in cases of emergency. Tho
National bank (LandsbankD established
at Reykjavik in 1885, has largely increased
mestic and foreign business Otis total
transactions in 1902 having amounted to
4,423,6O4 crowns, as against 321,5O6 IN
1889 and its deposits Cat the end of 1909
at the close of 1888, besides having built
for itself. meanwhile, handsome edifce
in the capital. The bank has a special
savings department, in no way connected
with the saving institutions in the lesser
} Icelandic seaports; in this division, the
deposits. when the year 1902 ended,
amounted to 1,4S0921 crowns, divided
among 1864 separate accounts. as con-
trasted with 618.700 crowns and 2,5l2 de-
positors in 1898. The althing has author.
lied the. creation of second important
bank (IslandsbankD at Reykjavik, with a
capital Of 100000 crowns, which may be
increased to 100000 1t is to be permit
ted to issue paper currency to about two
thirds the amount of it's whole capital, to
be secured half by gold, which must re-
main in its vaults at Reykjavik, half by
shares or other values of the national
banks OF various designated countries
England, Denmark and Norway among
them) to be so placed as to be readily
available for the redemption of its notes
The minimum amount of capital for the
new undertaking has now been subscribed
by banking institutions in Copenhagen and
Christiania, and the bank is to begin its
operations early next year. There Is no
doubt that the expanding trade Of Iceland
needs the second bank. It's exports and
imports are estimated to exceed for the
present year 1S,00O,OOO crowns lover
91,000, ,000)--a remarkable result, consid-
ering that the population IS still little
less than $4,000. This is, however, a no. :
table increase from the 1000 souls living
in the island at the beginning of the nine
teenth century; and the number is con-
stantly. though slowly. augmenting. not
withstanding the large emigration. es
pecially since $780, to Northwestern Can
ada, where there are now many Icelandic
churches and Icelandic schools. The larg-
est Icelandic journals anywhere printed
are issued at Winnipeg. The great I'M
provements made and making throughout
the island in the dwellings of the people.
the superior style of living which prosper
ity has developed, and the better and moro
easily obtainable medical service have
largely reduced the former prevalent in
fant mortality and have prolonged the
average duration Of life between the two
periods, 1S41-1S70 and 1871 1900. by near
ly ten years. The rapid construction OF
carriage roads and bridges, now every
where In progre3s, Is at once increasing
the security and comfort of life. and
promoting the extension of trade. There
can, then, be no doubt that an enduring
prosperity awaits the interesting island.
This is secured by its honest and capable
government; bat its fertile coast and IN
land fisheries. hardly exceiled in any part
of the globe. the profit OF which is falling
more and more into native hands; by It's
large herds of sheep and ponies, fed by
vast extent OF excellent summer pastur-
age. amounting to twelve head of sheep
to each inhabitant. and to one horse TO
every two inhabitants; and finally by Its
many minor resources