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If the company was Austrian / German owned I would place it here. Companies like JHS, A. Peschel, B&B had the same owners up to WWII. The country changed to Czechoslovakia after WWI but all the companies maintained their tie with Austria (see JHS invoice below). In Hungary many of the companies were Austrian / German owned (or had strong ties) up to WWII but were not known names.
Kelly's Directory Of Merchants, Manufacturers And Shippers, 1915, Hat Manufacturers in Budapest
JHS Invoice from 1930
Kelly's Directory Of Merchants, Manufacturers And Shippers, 1915, Hat Manufacturers in Budapest
JHS Invoice from 1930
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