Thanks, LightDot, much appreciated!Well, it's Serbo-Croatian and I'm making the distinction for two reasons: the use of the word "odbor" instad of "veće" ("committee") and Latin instead of Cyrillic script. I'd venture to say that it's about 55% against 45% chance that it comes from today's Croatia rather than Serbia, at least originally. But I can't be certain as the word "odbor" is also quite commonly used in Serbian and the Latin script also, so... In any case, the former Yugoslavia without a doubt.
20 years of service
on Yugoslavian Railroad
The syndicate committee
To bad they didn't add the year...
In any case, very nice watches!