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<p>Kompania Manufaktur Welnianych issued its first 120 shares in 1768. The first Polish bonds were issued in 1782 by King <a href="page.php?w=Stanislaw_August_Poniatowski">Stanislaw August</a>.</p>

<p><big><a href="page.php?w=Duchy_of_Warsaw">Duchy of Warsaw</a></big></p>
<p>In 1808, the Duchy of Warsaw adopted the <a href="page.php?w=Napoleonic_Code">Napoleonic Code</a> including the <a href="page.php?w=Napoleonic_Code">Code de Commerce</a>. The Code de Commerce also regulated stock exchange law and there were efforts made to establish a state-organized</p><p>
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