OДЛИКЕ КАПИТАЛА ТЕКСТИЛНЕ ИНДУСТРИЈЕ У КРАЉЕВИНИ ЈУГОСЛАВИЈИ – ПРИМЕРИ НАЈВЕЋИХ ЈУГОСЛОВЕНСКИХ ФАБРИКА ТЕКСТИЛА
CHARACTERISTICS OF CAPITAL IN TEXTILE SECTOR IN THE KINGDOM OF YUGOSLAVIA: A CASE STUDY OF MAJOR YUGOSLAV TEXTILE MANUFACTURERS

Author(s): Jelena Rafailović
Subject(s): History, Economy, National Economy, Interwar Period (1920 - 1939)
Published by: Institut za noviju istoriju Srbije
Keywords: textile industry; Kingdom of Yugoslavia; capital; Duga resa d. d.; Yugoslav textile factories Mautner; factories of the V. Ilić concern; Belgrade textile industry
Summary/Abstract: Through a global and micro context, we portray the capital of the textile industry in the Kingdom of Yugoslavia between the two world wars in this paper. The accessible statistical data distinctly illustrates the capital status within the textile industry of Yugoslavia during the interwar period. The textile industry expanded significantly from an initial estimation of 25 operational factories in 1919 to a notable total of 491 factories by 1938. The invested capital experienced a notable surge, ascending from 466 million dinars in 1918 to 1,504,963,000 dinars by 1938. This pattern, reflected in the consistent increase of newly established factories and their accompanying capital amounts during their founding, aligned closely with the prevailing economic trends of the interwar era. By the end of the 1930s, proprietary corporations comprised 39%, joint stock companies constituted 26%, and public partnerships represented 21% of the industry’s structure. Among these, 312 factories (64%) were exclusively under Yugoslav ownership, amassing a combined capital of 573 million dinars (38%). Concurrently, 151 enterprises, whether with a majority or minority stake of foreign capital, accounted for the remaining 913 million dinars (61%) within their total capital of 1.486 billion dinars. An analysis of the balance sheets and available data regarding the ownership structure of significant textile enterprises in the Kingdom of Yugoslavia, such as Duge rese d. d., Yugoslav textile plants Mautner, Jugočeske Kranj, factory of concern Ilić, and the Belgrade textile industry, results in several fundamental conclusions. The textile sector companies in Croatia and Slovenia display a greater capital endowment and demonstrate more pronounced growth in their overall operational balance. The ownership distribution among shareholders delineates a predominance of significant foreign capital stakes within the textile sector of Croatia and Slovenia, diverging from the ownership arrangement observed in other regions of the Kingdom, particularly the pre-war Serbian territory, where indigenous industrialists maintained substantial ownership stakes.

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