pregledni

nauni
lanak

dr Vesna Mati
Udruenje banaka Srbije
vesna.matic@ubs-asb.com

UDK 32:929 Stdinvi .

DR MILAN
STOJADINOVI
(1888 - 1961) PRAGMATINI
POLITIAR I
FINANSIJSKI VIRTUOZ

Rezime
Veliki intelektualni, obrazovni i struni potencijal dr Milana Stojadinovia
u sudaru sa turbulentnim politikim, ekonomskim i socijalnim promenama
u vremenu u kome je iveo i radio, rezultirao je istorijskim pamenjem na
pragmatinog, i u svome narodu neshvaenog politiara, ali i finansijskog
strunjaka evropskog ranga.
Kljune rei:

Rad primljen: 10.09.2013.

Odobren za tampu: 24.09.2013.

bankarstvo 6 2013

JEL: E52, G18, N24

172

UDC 32:929 Stdinvi .

PRAGMATIC
POLITICIAN
AND FINANCIAL
VIRTUOSO - DR MILAN
STOJADINOVI
(1888-1961)

scientific
review
article

Vesna Mati PhD

Association of Serbian Banks
vesna.matic@ubs-asb.com

Rezime
The huge intellectual, educational and professional potential of Dr Milan
Stojadinovi, clashing with the turbulent political, economic and social
changes that marked the period of his life and work, has resulted in historical
remembrance of a pragmatic, and by his own people misunderstood politician,
but also a financial expert at the European level.
Key words:

bankarstvo 6 2013

JEL: E52, G18, N24

173

Paper received: 10.09.2013

Approved for publishing: 24.09.2013

Roen u aku, u porodici koja je bila

predstavnik mlade intelektualne elite u Srbiji,
dr Stojadinovi je uz snanu podrku oca,
sudije u aku, stekao visoko obrazovanje.
Nakon zavrene gimnazije, diplomirao je 1910.
godine na Pravnom fakultetu u Beogradu, smer
ekonomsko-finansijski. Bio je odlian student, a
dobio je i Kraljevu nagradu za rad iz oblasti
crkvenog prava, na temu izdravanja srpskog
svetenstva.
Studentski dani bili su obogaeni i
drugim vidovima obrazovanja i dopunskim
aktivnostima. Odmah po zavrenoj maturi,
tokom leta, otac ga je poslao u Austriju da
naui nemaki jezik. Za vreme studija, sluao
je predavanja i na Filosofskom fakultetu, bio
angaovan u studentskom radikalskom klubu
Slovenski jug, ali je stekao i osnovno muziko
obrazovanje, obzirom da je iz hobija svirao
violinu.
Obdarenost mladog pravnika za finansijsku
politiku, ubrzo je stigla i do tadanjeg ministra
finansija Stojana Protia, koji je odobrio dravnu
stipendiju Stojadinoviu za poslediplomske
studije u inostranstvu, uz obavezu da doktorat
brani u Beogradu. Tako su poeli da se realizuju
planovi porodice Stojadinovi da Milan po
zavretku studija provede po jednu godinu u
Berlinu, Parizu i Londonu, kako bi savladao
tri vodea svetska jezika. Prve destinacije bile
su Minhen i Berlin, gde je Milan Stojadinovi
proveo prvu od dve godine poslediplomskog
usavravanja. U Minhenu
je na univerzitetu sluao
predavanja
vodeih
strunjaka iz ekonomskofinansijske oblasti. Ipak,
najvei uticaj na mladog
Stojadinovia
imao
je
profesor finansija Valter Loc,
koji ga je uio osnovama
budetske politike i nauio
svetom pravilu budetske
ravnotee
u
voenju
dravnih finansija. Uspeno
uraen seminarski rad na
temu kontrole budeta u
Nemakoj, odveo ga je dalje,
u Berlin, u Vrhovni raunski

sud, koji je obavljao budetsku kontrolu u

Nemakoj.
Doktorsku tezu pod naslovom Nemaki
budet odbranio je nakon samo godinu
dana, 1911. pred komisijom na Beogradskom
univerzitetu, iako mu je glavni mentor bio
profesor iz Berlina, Adolf Vagner.
Drugu
godinu
poslediplomskog
usavravanja u okviru dravne stipendije,
Stojadinovi je proveo u Parizu, gde je kao
hospitant radio u Ministarstvu finansija.
Boravak u francuskoj prestonici bio je znaajan
ne samo zbog usavravanja drugog svetskog
jezika, ve mu je kretanje u visokim pariskim
drutvenim krugovima, omoguilo kontakte
sa ljudima koji e se kasnije visoko kotirati i u
francuskoj dravnoj hijerarhiji.
Treu godinu poslediplomskog usavravanja
Milan Stojadinovi proveo je u Londonu, da
bi izmeu ostalog, nauio i engleski jezik.
Ovaj deo plana je delimino realizovan, zbog
izbijanja Balkanskih ratova.

Dravni poslenik i politiar

Karijeru dravnog poslenika mladi
Stojadinovi poinje 1914. godine, kada je
postavljen za pisara u vladi dr Laze Paua. Ovaj
period bio je znaajan za mladog strunjaka iz
dva razloga:
poznanstvo sa genijem srpskih finansija,
dr Lazom Pauom, poznatog po gvozdenoj
finansijskoj disciplini i izuzetnim rezultatima
u voenju dravnih finansija, i to u ratnim
uslovima, bilo je dragoceno
u sticanju prvih iskustava i
strunog znanja, ali i

zbog mogunosti da
na poetku karijere pokae
inicijativu u vanrednim,
ratnim okolnostima, kada
je postavljen za glavnog
u
Odseku
dravnog
raunovodstva, obzirom da
su brojni rukovodei kadrovi
bili mobilisani. Tada je poeo
da zapisuje stanje gotovine
srpske drave na raunima
banaka u inostranstvu u
svoj lini notes, polazei od
pretpostavke da u ratnom

bankarstvo 6 2013

Uzlet u svetsku intelektualnu elitu

174

bankarstvo 6 2013

Ascent into the worlds intellectual

elite

175

Born in the city of aak, to a family

representing the young intellectual elite
in Serbia, Dr Stojadinovi acquired high
education, with the strong support of his father,
a judge in his hometown. After high school, in
1910 he graduated from the Faculty of Law in
Belgrade, at the Department of Economics and
Finance. He was an excellent student, winning
The Kings Award for his work in the field of
church law, related to the topic of sustaining
the Serbian clergy.
His student days were also enriched by
other forms of education and extracurricular
activities. Immediately after graduation,
over the summer, his father sent him to
Austria to learn German. During his studies,
he also attended the lectures at the Faculty
of Philosophy, was actively engaged in the
students radical club Slovene South, and
acquired the basic musical education, given
that one of his hobbies was to play the violin.
The news about the young lawyers talent for
financial politics soon reached Stojan Proti, the
then Minister of Finance, who granted a state
scholarship to Stojadinovi for post-graduate
studies abroad, obliging him, however, to
defend his doctoral thesis in Belgrade. The plans
that the family of Stojadinovi had for Milan - for
him to spend a year apiece in Berlin, Paris and
London upon graduation, in order to master
the three leading world languages - started to
be realized. His first destinations were Munich
and berlin, where Milan Stojadinovi spent
the first of the two years of his post-graduate
specialization. At the University of Munich he
attended the lectures of the leading experts in
economy and finance. Nevertheless, the major
impact on young Stojadinovi was exerted by
Walter Lock, Professor of Finance, who taught
him the fundamentals of budgetary policy and
the sacred rule of budgetary equilibrium in the
public finance. His successfully written seminar
paper on the topic of budget control in Germany
took him further, to the Supreme Accounting
Court in Berlin, which was in charge of budget
control in Germany.
He defended his doctoral thesis, titled
The German Budget only a year later, in

1911, before the Committee at the University

of Belgrade, although his supreme mentor was
Adolf Wagner, a professor from Berlin.
The second year of his post-graduate
specialization on the state scholarship
Stojadinovi spent in Paris, where he worked
as an observer-apprentice at the Ministry of
Finance. His stay at the French capital was
important not only because of his mastering of
another world language, but because the time
spent in high social circles of Paris enabled him
to establish contacts with the people later to be
highly positioned in the French government
hierarchy.
Milan Stojadinovi spent the third year of
his post-graduate specialization in London,
where, among other things, he wanted to learn
English. This part of the plan was, however,
only partially realized, due to the outbreak of
the Balkan Wars.

Government official and politician

Young Stojadinovi began his career as
a government official in 1914, when he was
appointed a clerk in the Government of Dr Laza
Pau. This period was significant for the young
expert for two reasons:
The acquaintance with the genius of the
Serbian finance, Dr Laza Pau, known
for his iron financial discipline and
extraordinary results in leading the state
finance, even during wartimes, was precious
for acquiring his first experiences and
professional expertise; but also
Due to the possibility for him to show
initiative at the beginning of his career,
in an emergency situation, under war
circumstances, when he was appointed
Chief of the State Accounting Department,
given that numerous top management
members were mobilized. It was then that
he started to write down the cash balances of
the Serbian state at the foreign bank accounts
into his personal notebook, based on the
assumption that many documents may be
lost in the war chaos. This decision soon
proved to be invaluable, when the Serbian
army disembarked onto the Corfu Island
in Greece, given that at that point the then
Minister of Finance, Nini, the Government

kursa dinara. Koristei poslovne veze

u Engleskoj trgovinskoj banci, koju je
zamolio da na berzama proda to vie funti
sterlinga, uz istovremeno objavljivanje
vesti o kratkoronoj dravnoj pozajmici iz
Londona na bazi duvana koji se nalazio na
stovaritima Uprave dravnih monopola,
zbunio je berzanske igrae i munjevito
zaustavio dalju eroziju vrednosti dinara.
Mere u oblasti devizne politike podrao je
reformom spoljnotrgovinske politike zemlje
- podsticajima izvoza kroz deregulaciju
(ukinuo je izvozne carine, promenio
sistem davanja izvoznih dozvola), ali i
odreenim riskantnim odlukama, kao to
je bilo proglaavanje slobodnog izvoza
svinjske masti. U ovom sluaju, nepisani
zakoni trinog delovanja rezultirali su
veoma dobrim ishodom. Prva reakcija je
bio skok cena masti na domaem tritu,
to je stimulisalo seljake da znatno poveaju
turnuse tovljenja svinja, a krajnji rezultat
poveane ponude masti bio je pad cena na
domaem tritu i vei izvoz. Glavni izvozni
artikl bilo je drvo iz dravnih kraljevskih
uma, pa su mnogi zbog dominacije ovog
izvoznog proizvoda dinar nazivali drveni
dinar, obzirom da je njegova vrednost
zavisila od izvoza drveta.
Trei segment uspostavljanja i odravanja
finansijske stabilnosti na kome je
Stojadinovi insistirao bio je politika realnog
budetiranja. Rashodi su realno projektovani
uz uvaavanje svih dravnih potreba, a
prihodi ojaani izmenom poreske politike
(osnovica za oporezivanje bio je ukupan
ist prihod), i uvoenjem novog poreskog
oblika na odreeno vreme - prireza na porez
na zemlju od 500 odsto.
Stabilizacija dinara bila je prvi veliki uspeh
do tada najmlaeg ministra finansija. Dr
Stojadinovi imao je samo 34 godine, a njegovo
ime postalo je poznato u najirim strunim
krugovima.
Kraljevina Jugoslavija nije elela da menja
svog uspenog ministra finansija, od koga je imala
velika oekivanja. Odmah nakon isteka prvog
mandata, 1924. godine, Stojadinovi dobija jo
jedan, i na toj funkciji ostaje do 1928. godine.
U tom periodu, finansijska stabilnost
Kraljevine Srba, Hrvata i Slovenaca, i pored

bankarstvo 6 2013

vihoru mogu nestati brojna dokumenta. Ova

odluka pokazala se dragocenom vrlo brzo, u
trenutku iskrcavanja srpske vojske na ostrvo
Krf u Grkoj, obzirom da su u tom trenutku,
tadanji ministar finansija Nini, Vlada
i Dvor ostali bez novca. Podaci iz linog
notesa dr Stojadinovia omoguili su transfer
nekoliko miliona franaka sa dravnih rauna
u inostranstvu, uz pomo korespondentske
banke u Parizu, na raun Narodne banke
Grke na Krfu, koja je ova sredstva isplatila
u drahmama. Ovaj transfer sredstava ne
samo da je reio pitanje finansiranja izbeglih
srpskih vojnika na Krfu, ve je odrao i kurs
drahme prema dinaru, pa je dr Stojadinovi
u znak priznanja, unapreen u naelnika u
Ministarstvu finansija. Na mesto Glavnog
naelnika dravnog raunovodstva, ponovo
je postavljen 1918. godine od strane ministra
finansija Stojana Protia.
Kratak prekid u karijeri dravnog
poslenika poeo je 1919. godine, kada je
Stojadinovi postavljen za direktora British
Trade Corporation banke u Beogradu, koja je
osnovana sa ciljem da finansijski pomogne i
stimulie izvoz engleske robe u novoosnovanu
dravu - Kraljevinu Srba, Hrvata i Slovenaca.
Istovremeno, predavao je na beogradskom
univerzitetu privredne i finansijske nauke.
Iako je kao student pokazivao interesovanje
za socijalistike ideje koje su afirmisale tadanje
Radnike novine, Milan Stojadinovi je brzo
bio zapaen od strane lidera vodee Radikalne
stranke, koja ga je uzela pod svoje okrilje. Nikola
Pai, predsednik Radikalne stranke, zapazio
je mladog profesora i privrednog strunjaka i
postavio ga za ministra finansija 1922. godine,
sa zadatkom da stabilizuje jugoslovenski dinar.
U tom momentu, finansijska situacija u zemlji
bila je teka - inflacija je bila u usponu, dravna
blagajna skoro potpuno ispranjena, a kurs
dinara neumoljivo padao na svetskim berzama.
Dr Stojadinovi je uz pomo Narodne banke,
koja je 1923. i 1924. godine vodila izrazito
restriktivnu monetarnu politiku, zabeleio
odline rezultate na planu uspostavljanja
finansijske stabilnosti u zemlji:
Objavljujui zvanini stav Ministarstva
finansija da bi kurs dinara trebalo slobodno
da fluktuira i tei ka realnom kursu, on
je kratkoronim merama zaustavio pad

176

bankarstvo 6 2013

177

and the Court were left penniless. The

data from the personal notebook of Dr
Stojadinovi enabled the transfer of several
million francs from the foreign state accounts,
with the assistance of a corresponding bank
in Paris, onto the account of the National
Bank of Greece at Corfu, which disbursed
these funds in drachmas. Not only did this
fund transfer solve the issue of financing the
refugee Serbian soldiers at Corfu, but it also
preserved the rate of the drachma against
the dinar, after which Dr Stojadinovi, as a
sign of appreciation, got promoted into a
department head at the Ministry of Finance.
In 1918 he was reappointed Chief of the State
Accounting Department by the Minister of
Finance, Stojan Proti.
A short break in his career as a government
official started in 1919, when Stojadinovi
was appointed Director of the British Trade
Corporation Bank in Belgrade, established
with the objective of financially assisting and
stimulating exports of English goods into
the newly-founded stated - the Kingdom of
Serbs, Croats and Slovenes. At the same time,
Stojadinovi was teaching economic and
financial sciences at the University of Belgrade.
Although as a student he expressed his
interest in socialist ideas advocated by the
then Labour Papers, Milan Stojadinovi was
soon noticed by the leaders of the predominant
Radical Party, which took him under its wing.
Nikola Pai, President of the Radical Party,
noticed the young professor and economic
expert, and appointed him Minister of Finance
in 1922, entrusting him with the task to stabilize
the Yugoslav dinar. At that moment, the
financial situation in the country was difficult
- inflation was on the rise, the state budget was
almost completely exhausted, and the dinar rate
was unrelentingly depreciating at the world
stock exchanges. With the help of the National
Bank, which in 1923 and 1924 led an extremely
restrictive monetary policy, Dr Stojadinovi
yielded some exquisite results when it comes
to establishing financial stability in the country:
By announcing the official position of the
Ministry of Finance that the dinar exchange
rate should be freely fluctuating, striving
towards the real exchange rate, he used the
short-term measures to stop the depreciation

of the dinar. Resorting to his business

connections in the British Trade Corporation
Bank, which he asked to sell as much pounds
sterling as possible at the stock exchanges, at
the same time disclosing the news about the
short-term state loan from London based on
tobacco stored at the Administration for State
Monopolies, Stojadinovi managed to puzzle
the stock exchange players, thereby swiftly
stopping further erosion of the dinar value.
He supported the measures in the field of
foreign exchange policy by implementing
the reform of the state foreign trade
policy - by encouraging exports through
deregulation (he abolished export customs
and changed the system of issuing export
licenses), but also by making certain risky
decisions, as was the one to proclaim free
export of lard. In this case, the unwritten
laws of the market brought an extremely
satisfying outcome. The first reaction was a
sudden rise of lard prices at the domestic
market, which stimulated the farmers to
considerably intensify the shifts of stallfeeding the pigs, with the final result of
higher lard supply being a drop of prices
at the domestic market and higher export.
The main export item was wood from the
royal state forests, and the domination of
this export product earned the dinar its
nickname the wooden dinar, given that
its value depended on the export of wood.
The third segment of establishing and
maintaining financial stability at which
Stojadinovi insisted was the realistic
budgeting policy. Expenditures were
realistically projected, taking into account
all state needs, whereas revenues were
strengthened thanks to the tax policy
amendments (the tax base was net income),
and the introduction of a new temporary tax
form - excise tax on land in the amount of
500%.
Stabilization of the dinar was the first huge
success of the hitherto youngest Minister of
Finance. Dr Stojadinovi was only 34 years old,
and his name became familiar to the widest
professional circles.
The Kingdom of Yugoslavia did not
want to reposition its successful Minister of
Finance, from whom it had huge expectations.

Povratak u politiki ivot i novi

uspesi u voenju ekonomske
politike
U politiki ivot Kraljevine Jugoslavije dr
Stojanovi se vratio ulazei na velika vrata,
ali u izuzetno tekom i sloenom politikom
trenutku. Zemlja je ve bila osiromaena
velikom ekonomskom krizom, uzdrmana
traginom smru kralja Aleksandra i politiki
podeljena posle parlamentarnih izbora 1935.
godine. Na poziv namesnika kneza Pavla
Karaorevia ve u decembru 1934. godine,
ulazi u sastav vlade Bogoljuba Jevtia, trei
put kao ministar finasija. Kao i do tada,

odluno i iskusno, sa grupom autora donosi

plan privrednog oporavka zemlje, u kome su
veliki javni radovi zauzimali vodee mesto.
Opasnost od novog politikog zaotravanja
i rascepa u zemlji po nacionalnoj osnovi,
opredelila je odluku kneza Pavla Karaorevia
da ve 24. juna 1935. godine poveri mandat
za sastav nove vlade Milanu Stojadinoviu,
poznatom finansijskom strunjaku, odlunom
i energinom oveku i direktoru dva britanska
koncerna u Kraljevini Jugoslaviji. Stojadinovi
je odmah pristupio promeni unutranje i
spoljne politike. Polazni politiki stav mu
je bio da ni jedan narod u Kraljevini nema
monopol na jugoslovenski ideal, pa je u tom
duhu u sastav nove vlade, pored predstavnika
Narodne radikalne stranke, Slovenske ljudske
stranke, ukljuio i predstavnike Slovenaca
i bosanskih muslimana. irei politiku
smirivanja nacionalne i politike ostraenosti,
prema Hrvatskoj je poeo sprovoditi politiku
poputanja i najireg sporazumevanja,
pozivajui Hrvate da i oni uu u sastav Vlade.
Na alost u tome nije imao uspeha.
Na planu ekonomskog oporavka zemlje u
naredne etiri godine, zabeleio je vrlo dobre
rezultate, uprkos injenici da je zemlja bila
unitena ekonomskom krizom, to je rezultiralo
padom nacionalnog dohotka u periodu
1929 - 1932. od preko 60%. Prezaduenost
na unutranjem planu u vodeoj grani,
poljoprivredi, kao i na spoljnom planu,
zahtevala je hitnu i energinu intervenciju.
Stojadinovi je energino i uspeno delovao na
nekoliko kljunih i strateki vanih segmenata,
stvarajui uslove za privredni oporavak:
Prezaduenost poljoprivrede i sela (dug oko
7 milijardi dinara) reio je otpisom duga u
iznosu od 20% i reprogramom ostatka duga

bankarstvo 6 2013

stabilizcije dinara, bila je izloena drugim

izazovima - nedostatku sveeg kapitala u zemlji
i inostranstvu, kojim bi se pokrenuo privredni
razvoj zemlje, obzirom da su evropske zemlje
svoj kapital koristile za posleratnu obnovu, ali
i obavezi drave da otplauje ratne dugove.
Najvei problem Stojadinovi je imao u
razgovorima sa Francuskom koja je traila da
se njena potraivanja po osnovu ratnog duga
Srbije servisiraju u zlatnim francima, kako je
bilo predvieno meudravnm ugovorom, iako
ih je sama ukinula kao sredstvo plaanja posle
rata. Dr Stojanovi nije uspeo da u razgovorima
sa Francuskom bilo ta promeni, iako je ovaj
predmet stigao i do suda, koji je presudio
u korist Francuske. Amerikanci su takoe
bili neumoljivi da se ratni dugovi otplauju,
pa makar i pod najpovoljnijim uslovima za
dunika. Dr Stojadinovi je na razumevanje
naiao jedino u razgovorima sa tadanjim
ministrom finansija Velike Britanije, Vinstonom
erilom, koji mu je otvoreno priznao da nema
nameru da Americi otplauje ratne dugove,
pa po istom principu, nije to zahtevao ni od
Kraljevine Jugoslavije.
Dr Stojadinovi je istupio iz vlade 1928.
godine. Intenzivnije se bavio politikim radom
vrlo kratko, do uspostavljanja diktature kralja
Aleksandra Karaorevia 1929. godine,
uglavnom motivisan idejom da zauzme mesto
voe radikala, nakon smrti Nikole Paia 1926.
godine. Sve do atentata na kralja Aleksandra
Karaorevia, 1934. godine u Marseju, nije bio
politiki aktivan, ve je iveo povueno u jednoj
beogradskoj vili.

178

bankarstvo 6 2013

Immediately after his first term of office

expired, in 1924, Stojadinovi was reappointed
for another one, in which position he remained
until 1928.
During this period, despite the stabilization
of the dinar, financial stability of the Kingdom
of Serbs, Croats and Slovenes was facing other
challenges - lack of fresh capital in the country
and abroad, that would boost the countrys
economic development, given that the
European countries used their capital for postwar reconstruction, and that the country was
obliged to repay its warfare debts. The biggest
problem Stojadinovi had in his negotiations
with France, which demanded its receivables
in respect of Serbias war debt to be serviced
in gold francs, as was defined by the inter-state
agreement, although France itself abolished
them as its legal tender after the war. In his
negotiations with France, Dr Stojadinovi did
not manage to change anything, although
this case was even sent to court, which ruled
in favour of France. The Americans were
also implacable when it came to war debts
repayment, even if they had to allow the
most favourable conditions for the debtor. Dr
Stojadinovi was met with understanding only
in his talks with the then Minister of Finance
of Great Britain, Sir Winston Churchill, who
openly admitted that he had no intention to
repay war debts to the USA, and, according to
the same principle, he did not require that from
the Kingdom of Yugoslavia either.
Dr Stojadinovi left the Government in
1928. He engaged more intensively in political
activities only for a brief period, until the
establishment of dictatorship of HRH King
Alexander Karadjordjevi in 1929, mostly
motivated by the idea to take the place of the
radicals leader, after the demise of Nikola
Pai in 1926. Until the assassination of HRH
King Alexander Karadjordjevi in 1934 in
Marseilles, he was not politically active, but
lived withdrawn in a Belgrade villa.

179

Return to political life and new

successes in economic policy
Dr Stojadinovi re-entered the political life
of the Kingdom of Yugoslavia with style, but in
a rather difficult and complex political moment.

The country had already been impoverished

due to the large-scale economic crisis, shaken
by the tragic death of King Alexander and
politically divided after the parliamentary
elections in 1935. At the invitation of the
Prince-Regent Pavle Karadjordjevi, already in
December 1934, he entered the Government of
Bogoljub Jevti, for the third time as Minister
of Finance. Just like before, in a decisive and
experienced manner, with a group of authors
he adopted a plan of the countrys economic
recovery, in which large public works held the
predominant place.
The danger of new political conflicts
and national-based rifts in the country
influenced the decision of Prince-Regent Pavle
Karadjordjevi, as of 24 June 1935, to entrust the
mandate for composing a new Government to
Milan Stojadinovi, reputable financial expert,
decisive and energetic man, and Director of two
British concerns in the Kingdom of Yugoslavia.
Stojadinovi immediately started working on
reforms of both internal and foreign policies. His
preliminary political position was that none of
the peoples in the Kingdom have the monopoly
on the Yugoslav ideal, hence in this spirit, in
addition to the representatives of the National
Radical Party and the Slovene Peoples Party,
Stojadinovi also included the representatives
of Slovenes and Bosnian Muslims into
the composition of the new Government.
Promoting the politics of pacification of national
and political fervency, he started to implement
the politics of appeasement and deepest
understanding towards Croatia, inviting the
Croats to join the Government as well. In this
respect, unfortunately, he had no success.
In terms of the countrys economic recovery,
in the next four years, he recorded some really
good results, despite the fact that the country
was devastated by the economic crisis, which
resulted in a drop of the national income by
over 60% in the period 1929-1932. Internal overindebtedness in the leading branch of economy,
agriculture, along with external debts, called
for an urgent and energetic intervention.
Stojadinovi energetically and successfully
acted upon several crucial and strategically
important segments, generating conditions for
economic recovery:
Over-indebtedness of agriculture and

Pad
Ovog veoma strunog, spremnog i uspenog
oveka, tokom godina profesionalnog i

Literatura / References
1. Boarov Dimitrije, Apostoli srpskih finansija,
Stubovi kulture, Beograd 1997.
2. Peji dr Lazar, Ekonomske ideje dr Milana
Stojadinovia i balkanski privredni problemi,
Balkanika, VII, 1976.
3. Peli dr Lazar, Razvoj ekonomske misli,
Beograd, 1986.

politikog uspona, povremeno su pratile

kriom izgovarane glasine, vezano za odreene
poslove, koji su navodno uveali i njegovo
lino bogatstvo. On je bio veoma bogat ovek.
Insinuacije na izvore tog bogatstva odnosile
su se na odreene pekulativne poslove sa
obveznicana ratne tete. Govorilo se da je ak
bio u ortakluku sa kraljem Aleksandrom u
ovim poslovima, na kojima se, prema nekim
analitiarima, najvie obogatio.
Drugi pekulativni posao, povodom koga je
istina izala na videlo u vidu afere, nakon to
je Stojadinovi svrgnut sa vlasti 1940. godine,
je takozvani Krojgerov zajam, koji je drava
povoljno otkupila, za sedminu nominalne
vrednosti. Kasnije je bilo otkriveno da je
zajmodavac Krojger i Tol pre nego je zajam
otkupljen, bankrotirao i ovaj jugoslovenski dug
prodao po ceni nioj za etvrtinu od one po
kojoj je taj svoj dug Kraljevina Jugoslavija posle
otkupila. Prema analitiarima, posrednici su
tada zaradili ogroman iznos od 1.540.000 dolara.
Osim toga, knez Pavle, kao i domaa javnost,
nije odobravao njegovu spoljno-politiku
orijentaciju - da zemlju veoma priblii i vee
za Sile osovine. Prvi utisak da je njegovo
postavljanje za presednika vlade 1935. godine
znailo da je u Beogradu prevagnuo britanski
politiki uticaj, demantovao je sam Stojadinovi
u svojim memoarima. Verovao je da je njegovo
poznanstvo sa Geringom za kneza Pavla bio
znak da Nemci raunaju na njega, ili obrnuto,
da se Gering zbliio sa njim jer je procenio da je
on ovek na koga knez Pavle rauna.
U svakom sluaju, po izbijanju rata 1941.
godine, strah od faizacije zemlje, ali i procena
kneza Pavla da je Stojadinovi postao nezajaljiv
u gomilanju linog bogatstva, rezultirala je
odlukom da Stojadinovia povue sa vlasti i
bez sudske presude preda Englezima.
Englezi su Stojadinovia prebacili na
ostrvo Mauricijus u Africi, gde je proveo osam
godina. Nakon toga, otiao je u Argentinu, u
Buenos Aires, gde je ostao do kraja ivota. U
tom periodu, pokrenuo je asopis sa temama
iz oblasti finansija El ekonomista, za koji je,
izmeu ostalih, dopisnik bio i poznati srpski
pisac i diplomata Milo Crnjanski.

bankarstvo 6 2013

na rok od 11 godina, uz kamatu od 1% kod

privatnih zajmodavaca, odnosno 3,5% kod
novanih zavoda.
Zajam koji je 1928. godine uzet kod vedskog
koncerna Krojger i Tol u iznosu od 22
miliona dolara, drava je prestala da otplauje
1932. godine, pa je dug do 1937. godine
porastao na 28,8 miliona dolara. Ovaj dug,
Vlada je uspela da otkupi preko kanadskog
posrednika za svega 4,4 miliona dolara.
Stojadinovi je obnovio odnose Kraljevine
Jugoslavije sa Hitlerovom Nemakom i
Musolinijevom Italijom, vezujui privredu
svoje zemlje sa ovim velikim tritima kroz
intenzivnu spoljnotrgovinsku razmenu.
U periodu od 1935-1937. godine izvoz je
bio udvostruen u vrednosnom izrazu, a
spoljnotrgovinski deficit iz 1935. godine od
164 miliona dinara pretvorio je u suficit od
1,2 milijardi dinara 1937. godine. Hitler je
regresirao izvoz robe u Jugoslaviju, to je
pojeftinilo uvoz iz Nemake za oko 40% i
sve vie vezivalo jugoslovensku privredu za
nacistiku Nemaku.
evrti vaan segment koji je Stojadinovi
snano inicirao bili su javni radovi i to
u velikom obimu - pokrenuo je gradnju
valjaonice visokih pei u Zenici, topionice
olova u Trepi, rekonstrukciju fabrike
celuloze u Drvaru, kao i velike radove na
javnim komunalijama (izgradnja modernih
puteva gde je uposlio 125.000 radnika,
kamenoloma, cementara).

180

farmers (debt of about 7 billion dinars) was

solved by means of a write-off of 20% of
debt, and a rescheduling of the remaining
debt with 11-year maturity, and 1% interest
in case of private creditors, or 3.5% interest
in case of monetary institutes.
The loan taken in 1928 from the Swedish
concern Kreuger & Toll in the amount of
22 million dollars was not being repaid by
the state since 1932, and by 1937 the debt
increased to reach 28.8 million dollars. The
Government managed to purchase this debt
via a Canadian intermediary for just 4.4
million dollars.
Stojadinovi renewed the relations of
the Kingdom of Yugoslavia with Hitlers
Germany and Mussolinis Italy, tying the
economy of his country with these large
markets through intensive foreign trade
exchange. In the period 1935-1937 the
amounts of export doubled, whereas the
1935 foreign trade deficit amounting to 164
million dinars in 1937 turned into a surplus
of 1.2 billion dinars. Hitler put recourse on
export of goods into Yugoslavia, which made
imports from Germany cheaper by about 40%,
and strengthened the Yugoslav economic
connections with the Nazi Germany.
The fourth significant segment that
Stojadinovi strongly initiated were public
works, in large scope - he launched the
construction of a blast furnaces rolling-mill
in Zenica and a lead smelter in Trepa; the
reconstruction of the celluloses factory in
Drvar, as well as extensive works concerning
public utilities (construction of modern
roads where he employed 125,000 workers,
opening of quarries, cement factories, etc.).

bankarstvo 6 2013

Downfall

181

This
extremely
skilled,
competent
and successful man, over the years of his
professional and political ascent, occasionally
faced the secretly uttered rumours, referring
to certain operations that allegedly increased
his personal wealth. Indeed, he was a very rich
man. The insinuations to the sources of his
wealth related to certain speculations with war

reparations bonds. It was even claimed that he

had been a partner of King Alexander in these
operations, which, according to some analysts,
brought him the biggest profit.
Another speculative operation, the truth
about which was exposed in an affair, after
Stojadinovi was deposed from his post in 1940,
concerned the so-called Kreugers loan, which
the state had bought out under favourable
conditions, for one seventh of its nominal
value. Later, it was discovered that the creditor,
Kreuger & Toll, had gone bankrupt before the
loan was bought out, and sold this Yugoslav
debt at the price by one fourth lower than the
price at which the Kingdom of Yugoslavia
subsequently purchased it. According to the
analysts, in this operation the intermediaries
earned a huge amount of 1,540,000 dollars.
Moreover, Prince Pavle, along with the
general public, did not approve of Stojadinovis
foreign policy orientation - bringing the country
closer to the Axis powers and establishing firm
connections with them. The first impression
- that his appointment as Prime Minister in
1935 meant that the British political influence
became predominant in Belgrade, was denied
by Stojadinovi himself in his memoirs. He
believed that his acquaintance with Gering was
a sign for Prince Pavle showing that the Germans
are counting on him, or vice versa, that Gering
befriended him because he had assessed that he
is someone Prince Pavle can count on.
In any case, after the outbreak of the War in
1941, the fear of the countrys fascistization, and
Prince Pavles judgement that Stojadinovi had
become insatiable in accumulating his personal
wealth, resulted in his decision to depose
Stojadinovi from his post and extradite him to
the British without any court rulings.
The British transferred Stojadinovi to the
island of Mauritius in Africa, where he spent
eight years. After that, he went to Buenos
Aires, Argentina, where he remained until
his death. During that period, he launched a
journal El economista, featuring financial topics,
a contributor to which, among others, was the
celebrated Serbian writer and diplomat, Milo
Crnjanski.