I currently have 26 towns. If I use the scrollable list of towns that runs down the left hand side of the screen, it only shows me 25. I had noticed this earlier, that it would show me all but one of my towns after some threshold limit, but I didn't notice at what number of towns it started happening.
This list is difficult to scroll in the first place, mouse placement before using the scroll wheel seems to be critical in getting it to scroll at all. And if the list grows too large, you have to make sure you don't have a unit or town select or else the bottom of the list disappears behind the unit/town display.
Saved game is here.