and in 1885 Parliament created the first state bank (Landsbanki). In 1905 came the first motorised fishing vessel, which marked an important step in the development of a specialised fishing industry in Iceland. Iceland exported fresh fish to Britain and salted cod to southern Europe, with Portugal an important export market. Fishing replaced agriculture as the country’s main industry. These developments set the stage for the urbanisation that was to follow in the twentieth century." Food consumption A 1998 study found that food consumption patterns differed from those in the rest of Europe: "The prominence of domestically produced dairy products, fish, meat and suet, and the insignificance of cereals until the nineteenth century, are among the most unusual features." Growth of the fisheries sector After 1880, fish products were the largest share of Icelandic exports. The fisheries sector in Iceland grew in part due to expanded fishing with sailing smacks. With the mechanization of the fishing fleet, which began primarily in 1905, fishing became an overwhelmingly large part of the Icelandic economy. World War I In the quarter of a century preceding the War, Iceland prospered. Iceland became more isolated during World War I and suffered a significant decline in living standards. The treasury became highly indebted, there was a shortage of food and fears over an imminent famine. Iceland traded significantly with the United Kingdom during the War, as Iceland found itself within its sphere of influence. In their attempts to stop the Icelanders from trading with the Germans indirectly, the British imposed costly and time-consuming constraints on Icelandic exports going to the Nordic countries. The War led to major government interference in the marketplace that would last until the post-World War II period. The Great Depression Icelandic post-World War I prosperity came to an end with the outbreak of the Great Depression, a severe worldwide economic depression. The Depression hit Iceland hard as the value of exports plummeted. The total value of Icelandic exports fell from 74 million kronur in 1929 to 48 million in 1932, and was not to rise again to the pre-1930 level until after 1939. Government interference in the economy increased: "Imports were regulated, trade with foreign currency was monopolized by state-owned banks, and loan capital was largely distributed by state-regulated funds". Due to the outbreak of the Spanish Civil War, which cut Iceland's exports of saltfish by half, the Depression lasted in Iceland