LLOYD’S.

New Zealand Graphic, Volume XV, Issue XXII, 30 November 1895, Page 695

LLOYD’S.

* Rated Al at Lloyd’s ’ is a phrase which is common enough in all countries which have large numbers of ships engaged in foreign trade, but is probably not very familiar to the eyes of most of our readers. It means that the vessel has been inspected by Lloyd’s agents, and is found to be so well built and so staunch that it is entitled to the lowest rate of insurance. Vessels are rated A2, 81, and by other letters and numbers, according to their condition. Lloyd's is an association of merchants and of men interested in marine insurance in London. It is by far the best known institution of its kind in the world, yet even in England, the true character of the association and of its business are not commonly known. It is said that the secretary receives many letters every year addressed to ‘Mr Lloyd.’ This is not greatly to be wondered at, and yet the man for whom * Lloyd’s ’ was named was never known as a merchant, and has been dead nearly two hundred years. The institution is successor to a coffee house which was kept in Lombard street, London, by a certain Mr Lloyd at the end of the seventeenth century. Little more of the man’s history is known. The house was a favourite place of resort for London merchants. Itis referred to in a poem called ‘The Wealthy Shopkeeper,’ printed in 1700. The 1 shopkeeper ’ says that he never missed * resorting to Lloyd’s to read his letters and attend sales.’ In the * Tattler,’ published in 1710, Richard Steele speaks of this house. It is the meeting place of business men, and the point to which all maritime news centres.

In the Spectator Addison selects Lloyd’s coffee house as the place at which to lay a scene of commercial life at that period. The obscure coffee-house developed into an institution which has moved from place to place in London, until finally it has become settled in the building of the Royal Exchange. This association has some points of resemblance to the Associated Press. It gets maritime news earlier than any individual in London. To this end it has its agents in every part of the world. These agents are sometimes merchants, sometimes consuls, but in every case, men who are in a position to have the earliest and the most trustworthy news. These they telegraph immediately to * Lloyd’s.’ Such intelligence as is of general interest is published in a daily paper, known under the name of Lloyd' x List, a maritime gazette that has been published more than a centary and a half.