both the Crown Colony and Shanghai soon afterwards. The bank was incorporated in Hong Kong as The Hongkong and Shanghai Banking Corporation by the Hongkong and Shanghai Bank Ordinance (Numbers 2 and 5 of 1866), and a branch in Japan was also established in Yokohama in 1866. Shares of the bank were one of 13 securities initially traded on the Shanghai Stock Exchange, and were traded on that exchange until the Japanese closed the exchange in 1941. The bank handled the first public loan in China in 1874, thereafter issuing most public loans. Business development Sir Thomas Jackson became chief manager in 1876. During his twenty-six-year tenure, the bank became a leader in Asia. Notable events included being the first bank established in Thailand, in 1888, where it printed the country's first banknotes; acting as banker for the Hong Kong government from the 1880s; and participating in the management of British colonial government accounts in China, Japan, Penang and Singapore. A period of expansion followed, with new buildings constructed in Bangkok (1921), Manila (1922) and Shanghai (1923), and a new head office building in Hong Kong in 1935. Bank note issuance displaced other forms of the era and of the region, such as silver taels, due to political and economic instability. HSBC gained significant influence as a result. Second World War and Chinese Civil War In anticipation of the Japanese invasion of Hong Kong in 1941, the bank's head office moved to London. The chief manager Sir Vandeleur Grayburn, and his successor David C. Edmondston both died while interned by the Japanese during the Japanese occupation of Hong Kong. Arthur Morse was appointed Chief Manager in 1943 and led the bank after the war. The head office moved back to Hong Kong in 1946. During the Japanese occupation the bank's head office building was occupied as the headquarters of the Hong Kong Japanese military government. Although its assets were restored to HSBC at the end of the Chinese Civil War, the war affected HSBC's recovery. The Chinese Communist Party took over Shanghai in early 1949, towards the end of the civil war. By 1955, while HSBC was permitted to continue to operate the Shanghai branch, all its operations elsewhere in mainland China were closed. The operations of the Shanghai branch were limited to inward remittances and export bills, and so the bank moved out of its grand headquarters building on