Utanríkisverslun 411 of time, although referred to consistently by the same terms, for instance, as salted and dried fish. The same applies to many imported goods. Secondly, units of measurement, weight and currency have changed radically over this long period and conversions into modern units have raised vari- ous problems, not least because little research has been done on Icelandic measurements. The metric system was first adopted in Iceland in 1907, but before that time both old Icelandic and Danish units were in use. For further information see the chapter Mál, vog og mynt (Measures, weights and currency) on the units used in foreign trade reports and the criteria used here for conversion into mod- ern units. For sake of consistency figures on value have been converted into old ISK. All prices prior to 1814 have been converted into rix dollars courant, the chief currency in trade after 1763, and then to old ISK using the conversion factor of 3.2. The principal Danish currencies during the nineteenth century, rigsbankdaler and rigsdaler, are con- verted into old ISK using the factor of 2. Two different kinds of export prices are shown for the trade monopoly era. On the one hand, producers’ prices which represent prices paid by merchants to producers according to the official price list and, on the other, market prices paid for goods in Copenhagen and other Danish towns at the time. With regard to the latter, it should be noted that the export value in 1624 and 1630 is calculated on the basis of 1625 market prices and for the periods 1733- 42 and 1759-63 the average market price of each com- modity in the respective period is used. Import prices refer to purchase prices as far as these can be gathered. In the period 1764—84 import prices come close to cif prices. For the years 1817-19 information is available on both purchase and retail prices. Table 10.1 shows the value of imports and exports in the period 1624-1819. Imports are shown at purchase prices while exports are shown at producers’ prices according to official price lists for the years 1733-84 and for 1806-19 at the merchants’ purchase prices on one hand and market prices on the other. The term “trade balance” is not used in the modem sense of the word, rather it represents the trade balance between the domestic producers and mer- chants, which may be regarded as a foreign enclave be- longing to the Danish rather than the Icelandic economy. Table 10.2 shows the results of an independent study of eighteenth century terms of trade. The export price in- dex is calculated on the basis of sales prices abroad and the import price index on that of the merchants’ purchase prices. The indices thus show terms of trade applicable to the merchants, not the terms of Icelandic consumers and producers who bought and sold commodities according to prescribed price lists until the abolition of the monopoly tradein 1787. It must be borne in mind that until the twen- tieth century the import and export trade were closely linked and based to a large extent on barter. Merchants were nor- mally engaged in both importing and exporting, exchang- ing imported articles for domestic fish and farm produce to be sold abroad and relative prices were therefore all- important in trade. Table 10.3 shows the value and quantity of exports 1624-1819. Because of the limited variety of Icelandic exports the original records usually show a detailed break- down by commodities, a feature that has been retained as extensively as possible. As was customary in the older trade statistics, exports are divided into two main catego- ries, marine and agricultural products. Salmon is counted as a marine product although caught only by farmers. Woollens and hides were classified under the agricultural category although they would be classified as manufac- turing goods today. Table 10.4 shows exports between 1624and 1819, ag- gregated into four groups of marine and agricultural prod- ucts. A comparison of producers’ prices and market prices reveals which of these groups was the most profitable. Table 10.5 shows the value and quantity of imported goods in the period 1625-1819. Because of the diversity of the imports some of the commodities have been aggre- gated in totals. The imports are divided into two groups, food and beverages and other products. Theperiod 1840-1990. Foreign trade statistics cover- ing the entire country improved around the middle of the nineteenth century. Records have been preserved for the years 1840, 1845 and 1849, although of varying quality. Trade with Iceland was opened to all nations in 1855 and that year the authorities finally succeeded in establishing annual reporting of records on trade. Retums, however, remained unsatisfactory for two decades and the records only included average unit prices of the most important goods, imported as well as exported, until the early 1880s. The year 1862 marks the beginning of an integrated, an- nual production of export statistics and since 1864 the same applies to imports. The data must be treated with caution, however, in par- ticular prior to 1855. Imports were considerably under- counted and the same can be said for exports. Some minor changes have been made to the quantity figures as pub- lished in Skýrslur um landshagi. As the statistics for 1849- 95 show only the volume of the principal commodities and average unit prices, the value has been calculated from the price data furnished by the published records and the available primary material on which they are based.

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(946) Page 942
(947) Page 943
(948) Page 944
(949) Page 945
(950) Page 946
(951) Page 947
(952) Page 948
(953) Page 949
(954) Page 950
(955) Page 951
(956) Page 952
(957) Page 953
(958) Page 954
(959) Page 955
(960) Page 956
(961) Page 957
(962) Page 958
(963) Rear Flyleaf
(964) Rear Flyleaf
(965) Rear Flyleaf
(966) Rear Flyleaf
(967) Rear Board
(968) Rear Board
(969) Spine
(970) Fore Edge
(971) Scale
(972) Color Palette