The Romance of Lloyd's

Oamaru Mail, Volume XXXI, Issue 8835, 15 July 1905, Page 2 (Supplement)

The Romance of Lloyd's

(Weekly .Scotsman.)

Lloyd's is one of the most widely known private concerns in the. whole civilised world. Lloyd's agents are to l>o found in. every poTt, their surveyors in shipbuilding centres: their signalling stations are (he outposts of civilisation, perched on remote promontories or savage and inhospitable coasts, whence the news of the passing of ships along the ocean highways is Hashed to the markets of the nations. To be classed "Al" at Lloyd's is a diploma of excellence in naval construction in every civilised country. And when a ship meets the common doom, and is cast away on a rocky shore.

or founders at sea, or'meets with' any of the varied mishaps so quaintly expressed on bills of lading, or—most poignant, fate of all—when the gallant vessol leaves the poH of embarkation and is never more hoard of; in all such tales of mischance Lloyd's have the last word. This influential association, of merchants, shipowners, underwriters, and ship and and insurance brokeTs, was originally a. more formal assembly of city merchants who met, for business as well as gossip, in the colfee house kept by one. David Lloyd in Tower street, London". The earliest evidence extant of these proceedings is in the London Gazette, 13th February, 168!!. Four years later Lloyd removed 'to Lo'nb.'ird street, in the heart of the most prosperous business quarters of the city. Tn 1696 Mr Lloyd, with an enterprise. rem.iTkable at that time, founded a weekly newspaper called Lloyd's News, which g.-ive shipping and commercial information. After an interval it was succeeded by Lloyd's List, which is still published, and with'tho exception of the London Gazette, is the oldest news-sheet in the Kingdom. The amount of business done at Lloyd's Coffee House, in Lombard street increased Tapidly, but strange to say tho merchant shippers and underwriters continued for n long time to conduct their affairs in the same informal and happy-go-lucky manner as they had done from the commencement.. Whether the gentleman who met at Lloyd's found the atmosphere of the eighteenth century coffee-house conducive to the efficient despatch of their commercial transactions or not, it is a fact that for many years they did not think it necessary to form themselves into an organised body or to draw up a code of rules for their own guidance.

But inevitably the time rame when the volume and importance of the business demanded definite organisation, efficient supervision, exclusive attention, mid suitable location. At length, in the year 1774, . quarters were secured in the Royal Kvchnnge, and five yenrs later a printed form of policy was adopted to obviate discrepancies and previous disputes. From that time, and more especially after the reorganisation in 1811 and the Act. of Incorporation of 1871, tho growth of the association has kept pace with the maritimo groat-

ness of Kiighuid, and is a uniipie cx.iin-,|,v ,i| the development, of a world Wh .v,l. million li'olu Hi" niosl nebulous o| beginA) > ill .1 n.miic 11 ■>ll r. 111. «' aii.l bioioT ■I dniiiMo,, <>| iiiloiin.it ion Willi IV.'.lhl | ( , -.hi,,,'""- K»l..'rai..V. I Ins lUlelil/.e 1,. pn'mu'lil, as II migiil be ..died, lias ■■ l.iiulilv de\ '-'ioped into a übiquitous .ill.ur uul, " • lc . h ~'iau toOO agents 111 .ill pills o[ ,| lt , ,'. i(V |,e These, repieseiil.il iv es are m .onsUiil cmii.'i" lll '-' 1 '"" w " h bivi.lipi.irteiii ,„ London, wl.ov ■> >■"'■'.>' M-'H >'] - biM, i„ kept working "< '"»•'.>" .'•'->' •""' '■":■"■ |„ tins , ie, lio.'i "I i'i'«l't 1"' UI«lltlol,e,| ,1,.,!. there is an m.|Wy bure.in whore „.. latives of .revvs or passengers may ,„,,. ,„>■,. (m-.ilis) uil.vrin.dn.Hi eon.einiiir. fli., „,ovciiionts of the loss.* i.'l win. Ii llicy .cov ~.,ili.ni.itl.v inlercMcl. In this way, even [...[ore, the advent of vvirelcs.s 1 .d.- ; ;r.ipl.y, the where..! Is ol "those wli<> i:>> down „ ~,,. sea in slops" ..mid be a.MTl.iiiir.l I ~,„„ ~„,,. ~. ,;,,„■ bv .11.M0.e. Ivl.ilivc,,. I ~,1,,.,-u,-. Hi. n.n al Ll,.yd. are milv „„.... .mi ■■ ■■"•■ .". m 1,.,., .indih, ;,i,;, ■■■,,,..■ ■■, '";,;;';";;;:;'',„;;';'„ ', , i :;! , ( r il Jn')o |,.,c lo nil, r Olio sonnies I'M 11..111 j-oIIUM lo J,iU.lloH I V '"'l lh. 11' .11- , ~.„,. |,„. in ''" Hi '.'l'ViUlidllls,; a l» ■■• X--....1 ' uv iU . „„., , 1.. ,--- HI eel, ,111 ..I 111. II II I' ..,-,,.,.,.,; .e. a. "ii 1" lor m..,...,:ui, : i1.. ; ~!■„,s ... 1...i,d'.' II I"'"" 1 "'■"' '""'"'I ::,^,,,';;,;;,^r::,:i'T::':;;:,s;;:'ri: y ~es,s,e„, bl'o.V.rs i:-«l.sl.'l' "I H'lllHl. ~| l.'oreip, .Sl„p,n»K. ""' ■ • " " *■■■'■•■. y tarllv s.ipplnl.'-l l'.v ! .t..|...« i "-n lot ihepiirp..; the, las ■...■».. " vrsh-1,. Is 'wards are accepted <«« I'"'' l >'* elvlhsol nation pel as the S„ lely, u 1,1,1, is not intended lo be a prolil. •'■"''""K >'<«• eern. 1d,.1s nileiiialioiial siippoi.'- .

Most vessels and their eargoe. • are insured al Llovl's before setting .»."■'.''" H voyage The'inelliod ol effecting iir,' "1uur- ,,,".• i-, simple, bill inleresting. It Ik' '..l'-',-,,,1 out euliielv by brokers. <>ii H»' V n " setibed form Ibev uole I lie name ol tli.lt 5i,,,, „,„l her e,pt - aiu. Ibe nature and pi.il,aide dun .1 ol the V.V.ge. Ilie subjcrU insured and the : mils al vvhi.h lliry ~,.,. \;,|ti.-.1. If Ihe ri.k is aee.-pled, ea.li uudeivviil.r siibs.ribe.. his m ami ll„, amoiiul vvhi.h he is prepared I lie, ,„• nude, write ; the in.'iirai.ee is elle. le.l M s,„,n ,s the full amount is made up. We will suipn.se that a ship 1:1 I,illy insured, and after leaving poll is repol'l.il .'.■ ill well: oulward bound" al the last, •„,'' station Land's I'ln.l or the Kasl nd, aslhee nay In, 11 "" ' \ t|„. known wild. Lloyd's will •'"- V l ';', , 1 , ',';,., as last as Ihe I clegi'a pi, ali.l li,V ' "'-, ~"., can compa:.:, il. Wlielli.'t I"!::" 1 ,, 1 ;; :";o- a-. i. 1 ,ronh..,„„i i'.u il p,„ .'■■''''•'«' i^\!.;:;;t;,., I |i ,, te, 1 ,. ~.,1'::;! ,:;,:;.: , 'pa,",:i.i::rw l, du 1 '''V'' !il r' ,1„. dailv oevvspapers will tv.'l. '<>■ -\'\ j' resul, oflheg'de in .l.iniiaiy, 1' h.'' >■«'■' J la,. or a. ...iiph'. of days, the v.'l«> |„s ■ reported al Lloyd's a, it...'' I" ~v-i t:::M),l)l)0 in r.rilisli walcrs alone, /.Mini her slmiu was ,-.-., able lor ~ I":,, t» t|, . nmh rwr.l.r- of J:l OD.-ildl) in a sui|;l,i ,|, v v.10.1, is |,,.,h.,h1v a recrd. II «•,'.» s.i'd of !h.,l day Ibal .... ideiib ." M" 1 '"- "• ~., ~, >,;;,, v .', ■■, ,„,t;ii. .1 ,11 tb lie ... J,,',','.' 'V',"e',,'i ' i"l'|','.'„ W. ,e 1.U..1 Wie.bl. ;,is'i,''''me T,'a"i'i':'ly "spe'idal mo bu' Hi'" ""1 !,!■ ',t',|';'.l,.s ~f vre. I.s compiled loi u,y le.e■:!:■. ~,|i.,.l of Ii '" .'.lal'll'"'.!- |.,.,.,,.', ,i„. lii'ieeu ve.irs etidini: Willi 110) no'lev.slh.oi .sbbbV'vsa.'s wee |„sl, or all loniial av.e.i '.' of "IV'-l. <lf '1 ■ >:• IhiH" j .».,)' l-Hj". V w .'.'■. p.rle.l as "Missing," wlnrli works -ait at 1)1 ve s.ls per annum. In Mm V 1..,,.., between IIiUM and 111111 l the. loi.i.i'B suslained bv I'.rllish shipping alone wi l'i'l Steamers I .'■',) I.OHO lons, and sailing vessels :>.l!)().llii:) ions. Tnrnmg lo the latest ,1:.t.) b.r which hgures are available l!l().'.--\v.l find that in Ibal year 7.i,'i ships were lost to Ihe world's niercanlile murine 01 I limn it ,'s -ipeeilied thai 'ln were bloke,, Up, VA bund, (..!( foundered, !) were lost, ol oillided, 070 wie wrecked, and lid were punted as missing'.

When the premium for re insurance giii'j hi, until it readies perhaps .'Kigns per cent it is then that this last item of "Minimis strikes the thought lid reader must. Tiara i s nil air id in, .!!'■■.. .'!'■■. nlicaiini unit oltentinii „ of ]>■'ijr'> '■'!•: ':•' behind it. How often lias a ship left purl Willi everything snug and lighl, well found in every particular, will, a clean bill of heall hj, i.ImI, in fuel, every prospect of a prosperous vciy age' She sails away, and, once hull dowll on the hori/.oii. is'never again bean] of. She has gone into the deep of inviolahlu .silence another of Ihe mule, vuicclcnH, and inexpressible pathetic tragedies of till) trackless ocea.ll. And the horror of il is umiicatmr.ilily heightened if il is a. vessel crowded with n, multitude of passengers like an emigrant, ship. Many will no doubt remember tlm ill fated Huston, which, in a voyage iicroHd the Atlantic, faded from human ken willl her hapless living freight, a heelacnliili, leaving behind nothing but a name how it stirred the i ipsssion 'if the whole civilised world ! One of the most recent and r nrUiililn cases of a ship's disappearance wan that uf the small Liverpool steamer .liivenui, which, with a, crew of eight, left Hid Clyde, on August loth, I'.KM, lor KiiiK«to'wn, on her trial trip. Two lifeboat wero afterwards picked up at the Isle of Man. tine was provisioned willl water, and liml oars and a rudder, while the other only had one onr in it. These, are tho only traces of the .luvcrria, that- have been discovered. Her disappearance on her maiilni voyage in home waters was a. nine diiys wonder. Now il is only an item in (lie link of marine enigmas. ' There have bn-ll a.ln-s! 100 iiimiiv such tragic and inesplirable. The Sphinx like, yet ever clmiigmiti face of the sea- bides many grisly i,r. ivl». Now and then the infinite pathos of :>■ \>it> of flotsam comes, only In deepen 11 ,V«tery of 11n- silence which broods over ijw waste of waters.