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Shared registers are basic objects used as communication mediums in asynchronous concurrent computation. A concurrent timestamp system is a higher typed communication object, and has been shown to be a powerful tool to solve many concurrency control problems. It has turned out to be possible to construct such higher typed objects from primitive lower typed ones. The next step is to find efficient constructions. We propose a very efficient wait-free construction of bounded concurrent timestamp systems from 1-writer multireader registers. This finalizes, corrects, and extends, a preliminary bounded multiwriter construction proposed by the second author in 1986. That work partially initiated the current interest in wait-free concurrent objects, and introduced a notion of discrete vector clocks in distributed algorithms., Comment: LaTeX source, 35 pages; To apper in: J. Assoc. Comp. Mach