In the 18 October 1852 issue of the 'Argus', Edward Khull listed 14 companies in which investors could buy shares. This was the first stock listing in Australia and led to the formation of the Melbourne Brokers Association, which traded from rented space in the Hall of Commerce on Collins Street from 1859. It was Australia's first stock exchange.
From The 'Argus' publication in November 1856: "It has been the subject of constant and increasing complaint that while there are recognised marts and markets for every kind of produce, imported and otherwise, there is none for a larger and more important item in the wealth of the colony ... there is no recognised Stock and Share Exchange, where quotations of stocks and shares could be made to show a real market value".
The Stock Exchange of Melbourne grew out of and flourished in the economically tumultuous 1870s and 1880s when a huge influx of British capital flooded into 'Marvellous Melbourne'. It codified the behaviour of brokers, company listing requirements and trading processes. These practices remained unchanged for almost a century.
The market contracted during the 1890s depression but grew again with the incredible success of mining in Broken Hill. This pattern of boom and bust drove the stock exchange through the first half of the 20th century but the stock market grew exponentially with the steady growth and diversification of the Australian economy after the Second World War.
In 1987 the Melbourne Stock Exchange was absorbed into the new national trading body, the Australian Stock Exchange (ASX). Text Source: nma.gov.au.
