Borgarnes

"He managed to make some money in Bordeyri by learning to bind notebooks and selling them. He then used his earnings to buy sheep, paying farmers to keep and feed them. In turn, he sold lambs to those involved in the booming export trade to the UK’s fast-growing cities and bought more sheep with the proceeds. After five years he had cash in hand and a good-sized herd. After his stay in Bordeyri, Thor was hired by a merchant in Borgarnes on a decent wage. But he still kept his sheep and expanded further, buying land in Borgarfjordur and hiring a keeper. Within a short time, he became the town’s leading sheep farmer, again making his money from the export trade."

"After a dispute with the merchant who employed him, Thor borrowed money from Scottish traders he had got to know in Borgarnes and opened his own store in nearby Akranes, and at the same time continued to expand his sheep business. By not only investing his own funds but also taking loans to expand even further, he was as it turned out buying into a bubble."

"After his stay in Bordeyri, Thor was hired by a merchant in Borgarnes on a decent wage. But he still kept his sheep and expanded further, buying land in Borgarfjordur and hiring a keeper. Within a short time, he became the town’s leading sheep farmer, again making his money from the export trade. After a dispute with the merchant who employed him, Thor borrowed money from Scottish traders he had got to know in Borgarnes and opened his own store in nearby Akranes, and at the same time continued to expand his sheep business. By not only investing his own funds but also taking loans to expand even further, he was as it turned out buying into a bubble."