LLOYD'S

Dominion, Volume 7, Issue 2114, 3 April 1914, Page 4

LLOYD'S

A KKLIC OF THE PAST. A till® fiIMSS. 01,« STAi.I, KI'.EI'KU'S X;A M !•: iMJIOIt'I Alil.SliO.

|.|/,vd'« is a tfiirid ("utrt: of tnarhio i;i.«.!uiw:f. An kmg, Uii'iA notsturiort Hftll tfeo IjUsiiK'ilH 111 lisflilllil'lis: rffiii'H for (Jll i'jjsirt Belli b,V M'f brga.U 10 C(HIWH" Wife there, 'jitu'ljr in Ail tatta? tt b- if H;: ti l)Ht!g ill Iho l.'llllj'j '.v rilfj.s' ■wyti! (Ittd Urn uiwfwm Of letting, it »•&«>♦ . ( vtT it snip ivf<« ii/si.- vi'ii.s Jivor. tJliti UIIJC, Ihj'WSlijli VSU'ItMIH ; of hca> iim iiuli lists boon Kf jit its & pan <n ttiu Ultimo i..' % oivil!- sornoe at wtuoii brings : tlw> iimvk W fuas ifiunuduiHy to ®w'> bro-kor, fii.o old hii&it i» st;ii observe.!, and the past is wstallod by 'tlrt cokatftf Mien uf Wit 1 - ivliont'ccf tjicro is ft. liisiisttir at sou. Lloyd's .is oiio of the meat iiitoo-afemg' a.s'wim.blics art ttto WtMt Alafry «{ i-tJ.c fumjshiiiga dato • to the %mi' ((ill (III)' 1/' lViu:n U'ero ii(10 Jirfifiiip steam nor armoured sinps, illltl :i!) l;it!)I« or wireless UWoSSgCS iioiiiiciict tli-o rt()pi\rturo or Hi i'iviil of tho , vfcssefc (•iilt iihUHl to tiio dangers of an. mscrutabie Sea. Yi'cK; Kdw.ud Lloyd, iiio old cmfefe Viuerii-lcccpor of 'ftiivcr Sweet, 'to ie- j t!iv:i to ills jtniiiits it! the; city of i6OO, : what nskinistaaciifc »'<Hild be- Jste. P i \vas Jig. ivh.#so Haino has beo.ii aininTortaj'- , isi'd ill the coWmfiroW history of. the world. His coffee shop was t'b<j meeting jjlaco £jf men. interested. lii coiti-- .| mcroi l , bv ~s?a, ami tive'r steaming cups . '\Y«re cliic;:r.seti the dangers, t® nieii and ciaft. Already they were known by the name of "nn^atyjeitert. 1 '.,. .16$' • abroad to divide- the risk attending tbo shipping of goods ftfijc>)>g iheiiiKefrcs, asSO'tdiiifl to tlie distances ,to Bp covered, tiio seafaring (jiialitsr the "windjaMftior," -tie capacity of W . flrcWi siid'j aI) pro all, their tiiiancial to- .. sources ii! mectins a loss. In > 109£I:o3d's coffce. tavern removed to Lo|si- , bird Street,, and .little tiy little an iii ; - : , corporation took ))lau', ttso isamo of "iiio.yd's'' was assumed, and the Eo-.sso ] started on. its career. In 1774 Lloyd's. • •WS' o'bjig'e.d io seek still _ larger ffc'compibdattohy 'iiil ; d siicWeeffbd iai ' tiiig jiossessiou of t-li.e. "iiiipoi"-' p'Mt the .ii.oyal !vv;han;;e, frflift ivbicli iJlStai it is btif! carrying tin its gigantic work. _ il.io real unpoiianci} -.pf tiio iiistitutlon dates frdni 1775 'to 1.81i5. IJiiEitig tiio ine«.ssanf. wars wliicit devastated the fajrcs'l portions of tho Coiabiem, latHi, by reastfn of her pcograpliienl posl : . tioii, was tiro only comitry guarantecins

'I'eiiWTfifey agSiiivst tiio- (if feoflapiirte. Thc> risks then' assumed liy the were lajge aftcl h&KarcUiiis, and rcsitlt.ctl in heavy_ losses. .Ruwfitirs of . ircmciid'ius obligations, m-iseil doubts in tliii public nriiid as «odie ability of Lloyd's to meet ilio liabilities, and Parliament .wis obliged t.o appsitii the (nistom.iryv lloynl Gb'nimissloii. Tbe findings- resoltes) in. h. glorious victory, and ever 'sineo. Lloyd's lias i utaincJ .its \vorl<s-comina'niiii!g '■ posi-; tion. . tlin inst j.tiitiioi> : ;heade.ij • -gii:- movements' niming to- diminish the dangers. of sop.' .aiid land. It ..ex-posed. and -.punished YiViii draconic severity frauds-in semling un seaworthy ships with ca?gofes across llio ooosn. final' •iiehicvemant consisted in wigaltising and perfecting; a. system- wiiercby r.etys from every ui' tCXf;' 0f: -1^:11 ) '~f: v bay, <3^iiJ'd• HH- r: ■ ! rapidity. JSjvihis sptcmithc.movomerit; of almost every ,sh.ip,..iio matter where i and when «hj3 .vas .plying,. snd tinder S which flag, Yould. he 'traced.. 'to saVj.. ever.V conbeivablo - of'" craft' was .clwoiiic.ied in Lloyd's- regis- • irr, and. Urn ship receiving tho. hallmark "A 1 Lloyd'?' 1 wss regarded as having the highest recommendation. The Ishro "loom" at LtOyd's eontain during the busy hours .of the duy pin-haps SOISO people. Small Sqijai'fl tables, numbering several hundreds, are arranged to aceo/rim odate four parous each. ICaeii underwriter has; a gigantic volume in front of him, ..jvliich ho consults Irani .time to time for information ■on jyropose-d risks.. A member or Lloyd's is .obliged to deposit £5000 with, tho committee as security. Tli.fi ■does iififi, liowever, icfreescilit one titheof the fortune possessed by tha underwriters/ The wills of successful underv,'liters, published .at times, bfrvr tesfiwoij.v to tli.6. immensely profitable na--1 tare of tho business. . ■ ■ The imd-orwritmg of a policy lor practicaily any amount.. is performed, with tiio greatest dispatch. As won .as ti® ■ tireiivilim is agreed upoii, the document rj sent. on. its rotirso fraii} table to. t ; ;l)'te. and eaeii man interested smns his. njfmc against bis proportion of the risk. I The tvoidi'iig of the- po'l-ie# is., piniplieiiy ■ Hself- "Know. ye. that we the insurers do hereby bind ourselves, each fof flis- ' oh :i part, and not one for another, our heirs, Meatdrsj and to.' pay 6v- nia'io good to tho assured or to t.h.o asSSred's .ex'trulors, etc, all sueh. locs as above stated ii.ot exe'ecding tlie : sum , . . ih •ail, within rev en days after such loss.is proved, and-that, in' proportion to the several sums bv each-; of us subscribed against our respective lames. witness, whereof, .we, ti'n"teffjitiflS members o:{ Lloyd's, have siib'c rilicii our names and sums cf money i;.v ns insured.'' 'The prii.'cip.al business transnctod at Lloyd'.*: is., of course, mitr'i.iio. insnrsnce; a: d fully SO pot- cent, of the undcrwriti!Vs refuse on principle to touch .any ■oti.iCf foftM of fi«%, I'hero is, hbwevtin si steadily number who ore prt.psi'red for any class of business. A prdfltaWa liusfi.iieSs at Lloyd's is tliat iji (ivcrdiu; or abandoned vessels., Quotation-; rim from 5 per cent, sometimes t,i 95 per Cent., and: have at times prjived' ferf profitable to fno layers o.f the odds.