THE FINANCIAL GALE CENTRE.

Otago Daily Times, Issue 11401, 19 April 1899, Page 2

THE FINANCIAL GALE CENTRE.

EXCITING TIMES AT LLOYD'S.

"THE CfiAMBER OF .HORRORS.''

(From the. Daily News, March 2.)

-.Lloyd's is now daily a scene of feverisK excitement. Matters have seldom or never been worse than and the anxiety has become specially .acute lately. So many ships are still missing. For weeks past our columns have recorded the vast number of ships lost ■ and ships distressed, vessels overdue, and, happiljr, accounts of the safe arrival of many regarding which there have been the grayest anxieties. And these all mean a stress of work at Lloyd's,' and many thousands of .pounds changing! hands. "The premium; of insurance at Lloyd's," it was stated a ; few days ago, " oil the - (then) missing Paviona was 20 guineas per cent." That was a striking indication of the gravity of'the apprehensions regarding the Cunarder* in the financial .circles chiefly interested, anxieties whicli have since been dispelled by the 'news that the good ship is still afloat and her passengers and crew safe; thus preserving unbroken the splendid record, of this famous line for its safe conduct of all passengers committed to its care. With regard, to the Bulgaria, the premium had run up to so high a point as 90 guineas. Within these past few weeks there have been many occasions when similarly high premiums on ships have been the order ol the day. This means __ prolonged.period of excitement and of worry, of rushes to risks, of extensive " hedgiiigs," and necessarily a good deal of speculation! in shipping risks, whiph are altogether of. a' "sporting" or gambling nature. .".The scenes at Lloyd's at gale times are often intensely interesting and exciting. -Nor is the cftize of the ordinary man-in the street kept from them, because all members of Lloyd's and others connected with the corporation have the privilege, which they frequently exercise, of. introducing friends and showing them round. Even ladies may look /upon the interesting scene', Lloyd's differing' in this respect'from its sister association over the way, the, Stock Exchange, from which ladies are at all times ricorously excluded. But the ordinary spectator-really, only sees the fringe, and is not permitted to learn a great dea? about the working of the, institution. : "the chamber or hourohs."

The cursory glance of the occasional visitor shows no more than a number oi desks with men writing busily at them; a collection of books, which are marvellous -in, tile' .ininutii. of, their,,,entries regarding the world's shipping, the history ;bf each vessel being.fully recorded, together, with' that of the officers who control her;,the rostrum in the underwriting room, where a "crier" in red robes,, and with a stentorian voice, continually calls the name's of members or announces the safe arrival of a ,yessel, with its name;, and then a small,, light, and pleasant-ioqking room, where a number of yellow and. brown "flimsies" are posted round the walls. But this last-mentioned room, its pleasant appearance notwithstanding, is one of terrible interest, for the "flimsies" record, the-lost and overdue vessels, and the place hears the' gruesome and apt title of " Chamber of Horrors." Some of the yellow papers, however,- record foreign arrivals, and,the brown papers record home arrivals',. so all is not disaster news. It does not look a gloomy place, yet there never was a roam which" has carried so terrible a death-roll, for lost ships usually moan lost lures,. and never a vessel goes down without its absence from the region of the known being here recorded, And there has been a. t.irible, record during the "past few weeks. j.loYd's big- hull. ','..' . ; , The bell now in the underwriters' room is one of the most valued possessions . of/ Lloyd's. It came into.thei? possession.with the rudder and chain and other salvage o" H.M.S.. Lutine, Captain Launeelot Skynner, R.N.), which was lost under remarkable circumstances on October 6, 1799. She was lying in Yarmouth roads, with much • specie on board, and the officers had given a ball on the ship .to the chief people of the neighbourhood. Before all the guests had gone ashore orders arrived for the frigate to put to sea. She sailed, and at. midnight she struck a rock near the mouth of the Zuyder Zee and sank. There was only one survivor, a notary/ in charge of some of the specie. The underwriters paid the ' loss, and' hoped for salvage ; hut, England' then being at war with Holland, international law stepped in, and the Dfitch Government; claimed the whole as a- prize. It .was a quarter of a century later that the British. Government induced the Kins of the Netherlands to agree t& give up to Lloyd's that uo;-----..ticm. of. the salvage which he claimed .as his sovereign right—one-half. £50,000 of the Specie was recovered in 1857-9, more was secured in 1860. and a ftii'ther portion was obtained in 1887. And Lloyd's share of 'the salvage includes the great hell..

— One of the latest converts to cycling is Lord Salisbury, who lias had a machine specially built and fitted with two brakes. The Premier has not yet appeared on his bicycle in public, but confines his exercise to the grounds at Hatfield. — Bohemian geese, which are driven long distances to market, are shod before starting on the journey by being sent repeatedly over patches of tar mixed with sand. This forms a hard crust on the feet, enabling the cc.-c to travel over great distance*, . . .