Arhivski vjesnik, Vol. 63 No. 1, 2020.
Izvorni znanstveni članak
https://doi.org/10.36506/av.63.8
Contribution to the Study of the Balkan Bank Ltd. in Zagreb (1922-1925/1948)
Siniša Lajnert
orcid.org/0000-0001-9020-4653
Sažetak
The paper presents research results of the structure, business and liquidation of the Balkan Bank Ltd. in Zagreb from 1922 when it was founded, 1925 when it entered the liquidation process, until 1948 when its liquidation was formally finished. The bank had a branch in Belgrade. The bank’s business had at first developed favourably, however, in August 1922 its president Dušan Plavšić took over the duty of the assistant finance minister. Since the government to which Plavšić belonged resigned in December 1922, a campaign in the press began due to political circumstances of that time and it was also aimed at the Balkan Bank. This gave the entire case a purely political connotation i.e. the bank’s founders and managers were members of the Democratic Party, hence, Dušan Plavšić as its president was one of the prominent Party members. On the other hand, the next government was formed by Nikola Pašić and his Radicals and one of the latter, Milan Stojadinović, became a new finance minister. Plavšić’s criticism of Stojadinović’s financial policy caused his fall into Stojadinović’s disfavour. After taking over his new duty Stojadinović continually attacked Dušan Plavšić. The campaign in the press had severe consequences for the bank. The alarming news about the bank’s inability to pay its obligations caused its investors to withdraw their money. Within several months the bank had to return from the current accounts circa 20.000,00 dinars to various creditors, mostly other banks. This demand compelled the bank’s management to take drastic measures, since these demands put the entire business of the bank into a very difficult situation. The bank had to accelerate the turnover of its funds as much as possible, which could mostly be achieved in foreign exchange turnover. The bank went rather naïvely and precipitously into the badly executed transactions involving foreign currency cheques, which proved disastrous. Namely, the bank forced selling of the dollar cheques, securing them in foreign currency. However, even though the bank bought large foreign currency funds in cash from various financial institutes in Zagreb and Belgrade in order to secure the sold cheques, the institutes did not produce the bought funds in time. Hence, not having enough funds at its disposal the bank was unable to secure its issued cheques. This forced the bank to cease its activities concerning foreign currency. Naturally, the press denounced the bank for selling bounced cheques. Just when it was thought that things cannot get worse, the Ministry of Traffic revoked the concession of the construction firm of the Graduated Engineer Nikola Plavšić for constructing the Vardište-Šargan railway, which was financed by the bank as a partner. The ensuing court battle did not enable the bank to regain even half of its invested funds, which took away its last hope to acquire larger financial funds. Its management had no alternative but to request the opening of the proceedings of agreement with creditors. The latter was adopted on 23 October 1924 and the decision of the Judicial Table as the agreement court in this issue was proclaimed on 10 November 1924. The agreement became final on 10 March 1925. Based on that agreement the Balkan Bank should have concluded its liquidation. The Extraordinary General Assembly on 18 April 1925 unanimously accepted the conclusion on the bank’s liquidation. The bank legally existed until 1948 when after its liquidation was formalised in practice it was deleted from the commercial register of the County Court in Zagreb.
Ključne riječi
Hrčak ID:
248565
URI
Datum izdavanja:
17.12.2020.
Posjeta: 1.069 *