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The first stock in the world Year:1606

The first stock in the world was issued by the V.O.C. in the 17th century. The V.O.C. dedicated trades between Netherland and Asia at the age of uncharted water in Europe. The booming marine transit of Netherland not only brought huge profits but also introduced higher risks. Thus, there were desperate needs for risk diversification. In1606, based in Amsterdam, the V.O.C. issued 6500000 Dutch gulden worth certificates. It possessed major features of shareholding companies today. Its operations influenced later generations greatly.

The first Stock in China Year:1872

The “Kai Ping Bureau of Mine Shares” stock reprinted by the Chinese Shanghai Li Dao Securities Museum is the first and existing stock in China. On the stock clearly stated the reason for the issuing and the ownership transferring rules. On 11th year, Tongzhi of Qing Dynasty (A.D. 1872), due to the financial difficulties of Qing Dynasty, the government had the big merchants establish the “Shanghai Ship Merchants Group” under their supervision by copying the shareholding system from the west. The stock is 100 tael per share and there was no limit on subscription. Compared with the stock at present, the reason for the issuing will be listed on the prospectus. The ownership transferring will be listed on the back of the stock. There are also more than 10 anti-forgery mechanism to ensure the safeties of the physical stock.

Promote the first Railroad Stock in Taiwan Year:1887

During Sino-French War, the ruler of Qing Dynasty began to pay more attention to the position of Taiwan. Taiwan was promoted as Taiwan province in 1885 and Liu Ming-Chuan was assigned to be the first governor. Governor Liu constructed Taiwan actively and urged to build the railroad. They sought investment and raised funds from the public to build the first section of the railroad from Keelung via Taipei to Hsinchu in 1887. This is the origin of Taiwan first stock. The first physical railroad stock has lost in the mists of antiquity, so TDCC applied for the document from the National Palace Museum. The document was made by the second governor Shao you-lian to the Qing Emperor Guanhxu for reporting the whole processes from seeking investment and funds raising to construction of the railroad.

The first government bonds in R.O.C. Year:1912

On February 2nd, 1911, led by Dr. Sun Yat-Sen, the provisional government of R.O.C and part of the local governments issued bond to raise funds for revolution and constructions. The bond was named R.O.C Military Needs Bond and issued 100 million. The R.O.C. Military Needs Bond was found to be the only bond issued at the period of time of the Provisional President, Dr. Sun Yat-Sen and was the first bond issued since the establishment of R.O.C.

The first bank established by civilians of Taiwan Year:1925

Chang Hwa Bank was established at early stage of the Japanese Colonial Period by Mr. Wu Ru-Xiang and the gentry from central Taiwan with a total capital of 220000 Japanese Yen. Mr. Wu Ru-Xiang started to establish the Joint-Stock Chang Hwa Bank in 1905. With the headquarter in Chang Hwa, Chang Hwa Bank was established as a reinvestment by the gentry of central Taiwan for solving the issue of massive quantity of public bonds delivered by the Chang Hwa Area Tenancy Rights Clearing. The celebrity Mr. Gu Xian-Rong of Lukang town was also elected as the supervisor. The Chang Hwa Bank is the first bank established by civilians of Taiwan.

Important part in Taiwan’s development history of paper industry Year:1953

TPPC was incorporated in May, 1946 after consolidating five major paper plants and a forest farm in the Japanese colonial period. This Company was operated by the central government and the Taiwan Province. Since the government enforced the “land to the tiller” policy in 1954, the company was privatized. The company is primarily in production of pulp, cultural paper and chemical products. In the past six decades, TPPC had written down the glory pages in Taiwan’s development history of paper industry.

Important part in Taiwan’s development history of coal industry Year:1959

Taiwan Industry & Mining Corporation was incorporated in May, 1947 after consolidating all the industry companies operated by the Japanese in Taiwan. This Company was operated by the Taiwan Province. Since the government enforced the “land to the tiller” policy in 1954, the company was privatized. The company’s business included textile, machinery, steel, coal, pottery and china, oil and constructions. Its factories were distributed over Taiwan. In coordination with the needs of early industrial development in Taiwan, the company once increased the quantity of coal production and played an important part in Taiwan’s development history of coal industry.

The privatized TTC stock under the policy of “Land to the tiller” Year:1960

The predecessor of Taiwan Tea Corporation was the Japanese company “Mitsui & Co., Ltd.”, and it was well-known for its product “Nittoh Black Tea”. The company was reorganized to Taiwan Tea Corporation, tea business branch, and setup Taipei refining factory, Wenshan district tea plantation, Yuchih township tea plantation, etc., totally eight tea plantations. Since the government enforced the “land to the tiller” policy in 1954, the company was privatized. was the largest tea factory in south-east Asia. TTC owned thousands of acres tea plantation at mountain slopes, complete machinery for tea making factory and professional tea making technicians. With good foundation and specialty on management of tea plantations, making different types of tea and sales, TTC had great contributions to the early Taiwan’s economy.

Initiation of Taiwan securities market Year:1961

For promoting the policy of “Land to the tiller”, the government issued land bonds on January, 1953 and provided stocks of four public enterprises, namely, Taiwan Cement, Taiwan Paper, Taiwan Tea and Taiwan Industry & Mining as compensation for enforcement of purchasing the land. The land bonds, stocks and the patriotism bonds began to circulate in the market. Agency trade began to appear in the market. It’s hard to supervise those agents due to the scattering trading offices, and thus brought many trading malpractices. In order to supervise the securities trading efficiently, the government began to propose the establishment of the stock exchange. The promoters’ meeting for the establishing stock exchange was held on October 23rd, 1961. The board of directors and supervisors meeting was also held at the end of the same month and Mr Koo Chen-Fu was elected as the first Chairman of TWSE. Mr. Yuan Ze-Liu was employed as President and Mr. Tsai Tung-Yu was the Vice President. The petition for TWSE was approved and TWSE was officially established and opened for business on February 9, 1962.

Open outcry Year:1962

At the initial stage of opening for business, TWSE adopted the prescribed cycle time frame trading with the assistance of open outcry and declaration. The open outcry is a price matching mechanism for representatives of securities companies or agents. One kind of stock at a time, representatives and agents used their gestures and shouted out prices for biding or selling stock. There is a match when biding and selling reach a same price. The selling party should make the on-site transaction document, and the buyer should sign on it to complete the purchase contract. The photo shows operations of open outcry and declaration at the Trading Hall.

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