Veletrgovac kao kreditor
A wholesaler as a creditor

Summary/Abstract: The reforms in the 19th century in Bosnia Vilayet accelerated the liberalization of market which ensured growth of a small number of merchants in Sarajevo, in economic as well as in their social position. Growing richer and broadening the scope of business in the mid 19th century, they became wholesalers. The market liberalization that directly influenced the broadening of the scope of business was noticeable in Sarajevo through the increased need for cash money. Since the modern banking system of the period, was still not active in Sarajevo, a certain number of wholesalers used the space and actively joined crediting as an additional business with a relatively sure and good earning. We can say that wholesalers from Sarajevo had an important role as creditors in the town during the last decades of the Ottoman rule. Certain wholesale houses dealt with crediting as an additional business, whereas others did it occasionally. Sarajevan wholesalers borrowed money with gain, but also without it. Certain wholesale houses that borrowed money without interest did it because of religious reasons or friendship relations. Even though we possess a limited number of records, we can still state that Muslim wholesalers joined crediting but also that they borrowed money mainly without the interest because of religious motives. There were also examples of Christian wholesalers who borrowed money without interest but this was done mainly for a short period of several days and based on friendship relations. The money borrowed with gain or interest was usually in golden ducats, and rarely in some other currency. The whole sum was noted in the value of the silver coins (Groschen) at the time when borrowing was arranged. The borrowing was done by record in a sened (promissory note), temesuk (certificate), defter (register) or trough the written confirmation without a special mark. When borrowing money with interest, the Sarajevan wholesalers immediately agreed on the interest rate that was not variable. It varied in average from 6% to 12% on the annual level, corresponded to the legally allowed interest rate and could not therefore be considered as usurious. For every possible late payment, even if it was just one day, additional interest was paid. Principal and interest payment was extremely high in percent wand therefore enabled good profit. Payment of money and gain was done by an agreement between the debtor and the creditor whereby the court initiated a lawsuit for any misunderstanding. All borrowings of money, with gain or without it, depended on the owner of money and the person who lent a certain amount of money and mutual confidence was vital for the determination of interest percent. Therefore, it can be stated that wholesalers from Sarajevo dealt with crediting but how it was done depended on each wholesaler individually.

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