The Only Redhead in Taiwan had a post with photos of Taiwan from a new archive of photos from LIFE magazine hosted by Google. The collection is fascinating and contains photos of important historical events as well as more everyday shots. I searched for Formosa and found some interesting photos. I have linked the images back to the page where they are hosted at Google.
Taipei Railway Station c. 1950.
I guess these terraced rice fields are in Sanzhi (三芝), on the north coast of Taiwan.
A line up of rickshaws.
And some tricycle rickshaws in action.
This looks like the harbour at Keelung (基隆).
A couple on motorcycle pass by the Presbyterian Church on Zhongshan South Road, Taipei.
All these images are dated 1 January 1950 except for the color photo which is from 1959. There is also an extensive collection of historical photos of Taiwan at Vintage Formosa.