The British Press; or, Morning Literary Advertiser.
London, England, 1824-05-19 00:00:00

NESTING AT LLOYD'S.

Yesterday a very numerous and respectable meeting of the maw
scribers was held at Lloyd's Collie-house, foe the purpose of adapt-
ing certain resolutions relative to the meditated establishment Os
new Mutual 31arine !moron& Company, and other business mar
netted with the ettablishment at Lloyd's.
At twelve o'clock the Chair wan taken by Mr. B. Straw, and
after the Secretary had read the notice convening this meeting,
Mr. SHAW observed, that he believed it would be most in unison
with the general feelings of the meeting to proceed first towards
these parts of the day's proceedings which were least likely to pee.
duce discussion ; and he therefore called upon them to confirm toe
resolutions of the last general meeting, for giving 2001. to the Royal
National Institution for the preservation of the lives of seamen.
Ile Let also to bespeak their attention to the application which was
made from the Merchant Slutten's Company, representing the des
toyed state of their funds, and asking for some Means of recruiting
them. W•th this object, the Committee had to request the sanction
of the reee:ing to a vote of 103 L '.shish it was intended to present to
that Society.
Mr. Cout:nurr considered that sum La by far t6o small
was, in fact, a liter: bagatelle; he did not mean
to oppose the rotes
but he could nut avoid stating his opinion, that it Was by far 4%0
I mall.

Both the votes were then agreed to.
The ('flat JIM A x said, they now came to the main bushiest. of dui
day. They were all aware that various reports had been sounded th
their can, relative to the attempt at altering the Marine Insurance
Laws el this country. It was not however thought advisable to
take any active steps, or convene a
.general meeting of the Sub-
scribers, until a substantive propositionwas nod) to be broeght
before them, as arising nut o such an intended measure. But ae
sum as Mr. Buxton gave notice of his intention to move foe a
C .nitiiittee on the Act of the kilt Geo. I. which nurieted.4l ender.
writing to Companies, except those two existing by datur—
as soon as the object Of Mr. Buxton was plainly disoeenible, then
the Committee loot no rime In attending, as far as they could, to
the general interests of the suble7ibers ; and they therefore resolved
to summon the general body, in order to determine on whatever
measures might to them seem most desirable. They had also
thought it right to ask an interview with the President of the
Board of Trade, which was granted, and two of the Committee
waned on Mr. Huthisson. During that Interview several Mama-
dons were made on the, part, to sheer the fallacy of the Mutual -
Marina Insurance project. But It would be vain to disguise [two
this meeting that Mr. Huskiesom owed that the Moog feeling of
Oreernment was in favour of a repeal al so much of that Act se
would tend to the existence and protection of each a proposed Com-
pany or body ; and that this consent grew slit of what had ban
done in furtherance of procuring a free Made in every possible
manner. 11 r. If uerkisson alluded to the utility which sense oat of
the comparatively free trade to India: but the deputation repre-
sented to him that the ewes were lot analogous; and that, with re-
spect to them,howebe? plausible the change might appear in theory*
would not be l'ound to answer well in practice. In the case of the but
India Company a good was done by breaking up a monopoly ; but
in that of the subscribers to Lloyd's, It would be lessening compe-
tition for the purpose of multiplying joint stock connathee.
During the discussion Mr. Huskisson appeared unfavourable to
grant advantages to joint stock companies, and be arguul that WO
natural tights of individuals were not more promoted by assurance
companiesithan by any other means. He stated the determination of
Government that none of those companies should be incorporated.
and that the Lord Chancellor had declared no Bill should
pass the House of Lends which would not give the assured
a right of action araltist *very individual composing any suede
joint stock Company. He (the C b hairman) -ed to maker
one remark, as he, perhaps, spoke in the bearing of many
porticos anxious to become members of joint stock com-
panies,. that he had high legal authority fur stating, that once
belonging to any ouch company, individuals would find it difficult
to withdraw or extract themselves from it ; it waa not as in the case
of dormant partnerships ; but it was a cue in which the different
names of the proprietors would be frequently published; they would
be therefore no longer as dormant partners, and could not secede
without publishing in the Gametic the signature of every individual
consenting to the individual's withdrawing his name; and this
would stand for all time, past, present, and to come. The mode
adopted to prevent individual liability was represented to Mr.
Iluskisson, who was nut before aware of the plan. A policy was,
however, sent to hint, and he (the Chairman) maw by the British
Press, and other public papars. of to-day, that the fight bad
already began ; and it was now time for the subscribers to look
i well to t. He thought it en,tld not escape observation, that the
business% the House of f't nen ins last night was brought forward
by arum who had never nimseif any personal knowledge of
effecting insurances, cr of the conduct of general commercial trace-
actioes, however respectable his character stood as to many other
particulars. He (Mr. Buxton) came forward with what all who
beard him (the Chairman) must know to be a misrepresentation,
and his only excuse could be a thorough ignorance of' the subject.
It would be, therefore, for others to think how far such an Indivi.
dual was capable of legislating upon a subject of which be evi-
dently knew nothing. if the newspapers reported that Honour-
able Gentleman comedy, they made biro say, that an individual at
a distance, who wished to effect en insurance, first sent to his at-
torney—and MOM that this attorneywas to be paid ; that the atm.
ney employed an assurance broker, who, for his trouble, only
charged the moderate sum of 28 per cent. (A general laugh.) The
Loo. Member was also made to say, that he saw no team
why any restriction should exist as to an when it was taken
every
off thing else--when it did not exist on ife or house awe-
soca, or skips is deck, and yet the way moment ships left the daft
they must conic under a resttictive All this could be very •
easily answered. The bakes ewld purchase his Sour whew ha
I plowed, and the butcher his meat ; then why not the publicist hi.
beer P—Oleor, and a laugh.l-IClien Hon. Gentlemen were throw.
ing stones at others, they she ild not tueget that stones might be
thrown on dice premises. tt I,h regard to the assurance business
generally, he was satielied, that had it not been fur the inditithial
!member of Lloyd's, the science of underwriting would not have
been known, or If known, brought to that perfection as a system.
in which it now existed. The plan of assurance had existed at as
earlier period than was generally imagined—it existed about the
year 1600, and In the reign of Queen Eliasbeth, and it continued
till 1720, when Joint Stock Companies were rising with so much
mushroom celerity, that their restriction became a matter of goo-
lute necessity. What resemblance there might be between that and
the present period he would not say ; every man had his own opinion=
the subject Restrictions then, however, were necessary—a charter was
granted to twocomp.tnies,but still the right of individuah to menu
was altogether preserved. These companies and the individuals was
then at issue ; which had the best of it needed no mention. Lloyd's
had shewn what individual exertion was capable of doing: their
capital, their system, their regulations, their attendee, enabled
them to resist those combined companies; and now that a lar;
force was brought into the field against them, it remained to be
seen how they could meet the contest. He did not now wish to ape.
relate on the probable result of such companies ; I.ut if twenty or
thirty companies, with swelling capitals of front one to five toil.
lions, when at the same time everybody knew that only one-tenth
of that nominal capital was actually subscribed; if, he said, se
many companies were fcrwee, it must be evident that they would
cause a great subduction of the business here; but how their ex-
istence might athrt the nation generally he was not pew prerared
to say. This country was greatly indebted so Lloyd's; we fw.iti.
atitotdedthcomnbton.eireenou; wofe
uholuderag.wenntivall
rnjwasuicanet‘e:reryso concentrated intrathteed"rM'as at
this motion. Lloyd's were every day extending their useful in-
finenee, and it rottaintd to be seen whether the number of under-
writers were only to be reduced, or the house broken dean altoge-
ther. Pony or fifty assurance companies might wive. but he was
satisSed they never could keep up the business as it was now done.
Fort-timers sent their assurances to us because tiny were better
slut of three assurance companies at Paris, two gave up in
consequerre 14 their losses, and a numb:r of persons sent here
in he a‘sur,tl by private under-writers. It reu...ined, on the
shi le, as a tiutstio:i for the 4:tnetralcut to consider, whether
they would Alike a system anended with so much national as well

as individual adiantage. The system brought the pry buttle part
of the business here; and the more it vas coneentnited the pewter
world be its i!:Crl:lFt` t money made money, and business brought
wiel it business. That which created commercial property was Oct
confined to capital alone, but capital and skill united in exertion
and he had no hesitation in saying, that the business transacted by
the individual fur himself was genctidly better done than that by the
kgrnt of a Joint Stock Company. In Joint Stock Companies ass
I /ireetors managed the business; so that of •Company, containing.
perliaps. bell persons, there was the skill, the talent, and the was
du.try of 490 excluded from the manage's:tent of their owe affak;
Few persons, in the first instance, knew the risks they raa ia
curing ; the difficulty arising from local pacularities, as well as thee
political relation of this with other countries ; end could it be
supposed that where the two former chartered Companies
had failed, any new Company could offer superior advan-
tages ? It was but fair to think not. It was askeed what was
a charter A..d the reply ww., a piece of paper with a ball of wax
at the end of it ; but we depend on that charter, which said that
the system minim d would be torttititM, that inducement to und.r.
writers would be faithfully adhered to, that their capital and talett
might be directed to such a speculation ; and now we expect that
the Royal sign manual will be respected, and that the octane art
of King, Lord:, and Commons will not In our case be violated.
had the opinions of the late Mr. Perceral, of the Attorney 41,41
S,.liettor t; metal during his administration, and the great authority
; of the late Lord hllenborough, that these charters were not to be
tour-La. If the enactments contained in them be not coon:teed,
then 411 these fences and barriers on which we depended would be
broken down. On referring hack to the contest between this house
and their opponents, he could lint hrlp regretting the loss of those
high talents which were to be found especially in his late prod.,
cessor. (Hear, hear.) He stood at the helm, while you, Gentlemen,
I manned the ship; he was her pilot, and brought his safely ,Neo
port. I Hear, hear.) memory entit'ed to every respect sad
I every veneration from every individual subscriber ro this house.
(liter, hear.) With respect, however. to the present Committer
and himself, all he could say was, that their powers and talents

pert at the service of the subscribers; they are'unitcd with you is
all the consequences which may result from this projected mta-
•ure; they are deeply interested like yourselves, and your confideacw
in their exertions will not be abused. Meer, hear, hear.) lie bed

omitted one point, and it was this, that after making the repreirr ta.
•ion to Mr. Iluskisson he wished a memorial tobe presented, of
which as vet they did not know the result. The memorial was
long ; it entered a gest deal into detail, and as it might become
oublic if now read, he thought it better merely to have it open to
he i119.11.4T, ion of the subscribrTM. (Applause.)
r. It. Ityw rot said, that they were called together to.dsy spot
mom t nportant subject. Hewes sot in the habit of public speako.g,
nit would not now be understood to have thrust himself IMwsrd ; he

,as urged rr do se by many perwora, who tat a commoner 40(16
;burnt with him ; and therefore it was that he presented hinuell sa
.heir Police. The question before them was one which all z
'ook to with anxiety, for whatever might be its result, it would
pith :t a ttemectious loot, and throw mesa, promo ioso a Iwo gt

if

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considerable degradation ; nay it would, in his opinion, materially
tend to the injury of the inerchrmts themselves. If success attended
these new speculations, the great portion of the trade here would be
put estop to; if mutual insurance companies were adopted they
*told be no longer able to do the general business. fle did nut object
to fair stimpetition ; hut to be fair, all the parties should be placed
*equal situations ; and these new Companies, while holding out
that they had capitals of front one to five millions, while in reality
only having ten per cent. subscribed, should not so show themselves ,
off to the world, if they meant to deal fairly by Lloyd's, or by the '
public. He was satisfied that many of these shares could nut be
paid up, if they were required ; whereas at Lloyd's every one
staked his whole property—whereas here, no difficulty in that way
existed, and every one was ready to pay kis contract, and assist his'
broker in the manegement of his business. By the adoption of this
re v pplan, the brokers would be thrown upon their backs, and every
ti,etehant obliged to do his own business. In joint stuck comps-
Mai, it should be known that every one holding a share was liable
to the last farthing of all his property ; let each of the shareholders ,
then pay up the full amount, and the 1,610 subscribers at Lloyd's
would be in an equal situation with them. Each of these arch.
scribers u 'lda-wrote at least to the average of 1,5001. ; so that they
was obliged to have a gross capital always ready to pay &Vol about
Lsockew. ; and if the new companies did ten times the business
Of Lloyd's, their actual capital would afford no security to their.
Customers. In peace this sum was always ready to be advanced ;in
war, no man could calculate the amount. Altogether, between
athsaibers and clerks, there were not less than Sour thousand per-
sona dependent for their support on the continuance of effecting
matuances at this house, and, including their wives and families,
not than sixteen thousand persons. It therefore would become
t%e tiorernment to pause before they placed the subsistence of so
many persons in a state of jeopardy. Of the new company he
believed there were not less than 100,000 shares now in the market,
and* fact nearly a million of I,omona would share the little profit
INA was now the support of this house. This subdivision of
profit, would, he considered, be a loss to the revenue ; and even in,
that point of view, the Government, so anxious to keep ups reve-
nue, should look to the situation of Lloyd's. lie was sorry to see
that many.petsons who had done well here, were now sailing under
the enemy s flag. But let the meeting see what were the grounds
of which some of their old friends deserted them. Sortie said
Lipyd's was inadequate to the risks—some that Lloyd's was closed
almost general entry—and some that the minium' were too high.
Hew stood the facts, however? In 1792 there were 300 subscribers,
in 1823 there were 1610 subscribers. In 1792, the premium from
f full to thenburgh, Antwerp, and from London to Dunkirk and
CaL'is, was three-fourths of a guinea per cent.; in 1822 it was ire
shine:es a•-.d three-pence per cent., and he asked, on that bead,
what nen, ssuld be required? In 1792, from London to Leith,
the pre. .1631 war twenty shillings per cent.; in lffin it was tiVe
" shilhogs mid three-pence. Front Mil, to the Baltic, (a name Is-
Dumbly associated with the most ruinous losses.) it was two guineas
pet : now it was twenty shillings. From Petersburgh to
UvOdon, before July, it was three guineas per cent.. and a few days I
ago insurance was effected, even before the 15th October, at twenty
shillings per cent. What would speak in. se plainly than those
simple facts? No one refused to take hi, riiik at Lloyd's, and when
404 upon to pay, they were reedy with ay.). amount. In the
weeks of lust yea, premiums were done as few as ten shillings to
Su Petersburg!' ; and if an offer to insure at 7s. Oil. was not complied
with, it multi afford no just reason for complaint. Such an offer
was made upon specie going up there, and it was, as it ought to
he, refused. Had a fair premium been offered it would hare been
gladly accepted. In September and October premiums were done
at 20s. per cent- In 1792 which was one of the cheapest years, in
every point of view, watches were insured at 21 guineas per cent.,
now at 305., and no difficulty made to any amount. Unfair !hip.
thrown also charged against this house, and the recent case of the
Nancy he kaer to form the subject of some remark; but there,
though the legal tight was with the assurer, he felt no difficulty in
paying the wutred. Other cases were disposed of in a similar w a v, aud
it should once for all be recollected, that when underwriters defended
tl.emeelves against what they thought improper demands--that
their Calumet in doing so did not always adhere to the instructions'
of their clients, but pursued the course they thought to be the beat
ie a legal point of view. The solvency of Lloyd s was only ques-
tioned in 1810, when no doubt, as was said, four thousand writs
were issued against its members; but that would not have been the
case had the assured agreed to take a compromise. Individual
tinder-writing. was safer than partnership trader-writing, and he
binsself was in possession of four different cams, in which the
ireltvithsala paid 26e. in the pound. whereas the partners had not
paid 2a. 64. There was little difficulty thrown in the way of be.
coming an underwriter, as would appear when he stated, that this
year they had aeventv.four new subscribers, three years ago
eighty-nine, and in the two intermediate years sixty-nine in each.
It the charters of the two old Computes were in any way abro-
gated, it would produce a monopoly ; and the Government doing
so, shsuld nuke some provision for those who would be ruined by
it. This was not the period of life, of most of the subscribers,
when they should be &strived of their customary employment, of
their few .:oulfurts, and driven, with small capitals to seek some
other mode of existence. lie gave every credit to die motives of
Mr. Buxton, for his interference to prevent or lessen the slavery of
in the West India; but he (Mr. Dewar) thought that he
Id lave done more service to the community on Tuesday even-
ing, if be had interfered to cut down the monopoly of beer, than to
d*rtve hundreds of the means of existence. With respect to the
reduction, there were only two cases in which it was not as rapid
as in that of others, and these were cases of Chinamen and Jamaica-
men, which were now done at 50s. one way, and 40s. the other,
direct; and while pursuing the most dangerous course of her navi-
gation, and calling at various places both outward and homeward,
only a charge of 41. 4s. ; while the rate on the regular lndianien,
on some ut the finest and best found ships ever built, was six
guineas per cent. In fact, he saw no necessity for new joint stock
companies; on the contrary, be saw they were fraught with many
mischiefs. lie thought the Government should not be blind to the
alciiist patriotic exertions made by Lloyd's—to the various grants
el their funds—to their conduct at the period of the mutiny at the
Hare; but he feared that the Government now thought less of them
thao they did in other da_ys. The trade of England was ex-
tended by the facilities afforded to secure it by Lloyd's: they
bad malts further to extend and protect it in every part of the
world sad it was too bad, that while they had pointed out the
Meals and quicksands with an adventurous and liberal spirit,
*then should be allowed to float along in that safe channel of the
river. In conclusion, the worthy Gentleman thanked the meeting
for the patjame with which they had heard him, and proposed re-
solutions, declaratory of the opinions of Lloyd's, that the toleration
of the projected Insurance Companies was an injury to theta; and
also that an addition should be made to the esistiug Committee, I
for the pprpois of watching the progress of the measure in Parlia.
meta.
We: Cennurnt its regretted the loss of their late worthy and
respectable Clipirman (Mr. 3larryatt), and he begged the attention
et the meeting to a pamphlet wntten by him, which he wished to
see in the bands, aye, and in the heads, of every one of the sub-,
scribent to this house. He wished it to go forth to the public that
wag altars-holder in the new Joint Stock Companies MIS liable in
the whole amount of his property, for any and all toasts sustained
llicrath'e.body. lie might say to those Companies, and to the Le-
sture who sanctioned them, what was said by Sitylock in the
p ay. •• You take my house from me, if you take away the prop
which supportsit." So be said, if they took easy their support,
they would take away their lives.
611".11,1tower said, that he was a friend to free trade, and if hel
thought the caution of this new Company could be met by a fair
oonspeptioa, he should not object to it ; but he did not think it was
fair, The ilik, 7th, and 14th clauses of their proposed measure
should be represented to the Government, who would no doubt
give theta .every. attention.
Devean then moved the thanks of the meeting to the Chair-'
Than and the Committee.
The resolution* were pat seriatim, and carried unanimously.
Tim CliAl 'MAW returned thanks for the honour conferred upon
himself and the Committee with whom he acted, and the meeting
"400,844.

Mr. Richardson (who accompanied Captain Franklin,
in his overland Expedition to Icy Cape,) is appointed
suggetia of the Plymouth division of Royal Marines.
The body of the, late Capt. Edward Stewart, of his
Majesty's ship Brisk, who was unfortunately drowned,
,onetime ainoe,in the Medway, was not picked up until a
few days since: it was so mutilated and decayed, that it
could only be recognised by his uniform, watch, &c.
found uron it. The remains were interred with military
honeurb.—l caonshire Freeholder.
Is is miu that Mr. C. Wilson's celebrated horse Re-
former, which so cleverly won the July Stakes last year, at
Newmarket, and is now second favourite for the Derby,
has been purchased by the Earl of Darlington for 3,000
guineas. His Lordship may now be said to possess three
of xhe finest horses in England. Barefoot, the winner of
the St. Leger • Swiss, the winner of the Champagne
fitakes, and first favourite for the next St. Leger ; and
Reformer.

TE/SgLiTED PAVEMENT DISCOVEILED AT CI ItENCES•
1 the sth inst. as some workmen were employed
in removing a mulberry tree, near Barton-mill, at a short
distance from one of the entrances to Oakley Park, the scat
of the Karl Bathurst, in this 'county, they discovered
me tesselated pavement ; and pursuing their search, by
the direction of his Lordship, who immediately ordered a
tent to be erected over the spot to protect the pavement
fiat° the erects of the weather, it was ascertained that the
curious remains must have been the floor of an apartment.
The subject is presumed to relate to Orpheue, as the centre
figure is seen with one hand resting on a musical instru-
ment, and surrounded, as the classic legends describe the
great master of song, by the quadruped and biped auditors,
tile -liercenees of whose savage natures had been subdued
into gentler.ees by the magic ebanu of his melody.
A•nongst other objects are distinctly seen a lion, a panther,
and various beasts and birds, the greatest
excellent preservation, and the colours
whole of the tesserie yet developed
'out 12 feet square, one corner of
iutilatexl by the workmen before
Irieeity was discovered. Already
antiquity attracted a vast con-
iourriaL

To HIS ROYAL HIGHNESS the COMMANDER

IN CHIEF.

Witle every days newspapers inform me of the paternal
care exhibited by your Royal Highness for the improve-
ment of different classes of my fellow-countrymen---of the
African—of those inhabiting almost every regiod and every
clime—allow me to call your attention to a subject, which
I feel need only be mentioned in order to secure your
Royal approbation and encouragement. I allude, Sir, to
the condition of the children of the subaltern officers of the
British army, who arc at this moment, as they have been
for a series of years, destitute of the means of education.
Looking at the present march of mind, education is
absolutely necessary to the advancement of all ; but how
much stronger is not the necessity for the children of the
j poor gentleman, in order to enable them to struggle on in
a world, only respecting men for wealth or titles or
the other moral means of acquiring them. Many of-
' Beers have been obliged to leave the service in eon-
sequence of having large families ; and it must be
clear to every man, that the half-pay cannot enable a
subaltern to support—nay, to obtain the common neees-
varies of life, much less to confer the blessinf of a pro-
per education on his children. What then, Sir, is to be-
come of them ? What must the feelings of the parent be?
Ile has spent his youth in his country s service—he has
braved and conquered every foe—his life has been devoted
to his profession—be has at last grown grey ;—and at such
a time, and under such circumstances, the unfortunate
j subaltern is placed upon the half-pay, suit his children,
though they may not feel the pang of hunger, or the want
lof raiment, are denied the chance of earning an honest
livelihood, for they are denied an education.
his unnecessary to dilate upon the utility of education,
upon its great and incalculable advantage to nations, as
well as to individuals: the thing is obvious to every re-
fleeting mind, and to none more entirely than that of your
; Royal Highness. The higher class of officers have Sand-
; burst e'ollege ; a few Lieutenants of the Navy have a
chance at Christ-Church School ; the soldiers and
non-commissioned officers have the Asylum at Chelsea ;
and the class of subaltern offie2rs is the only one without
1 the benefits a school confers. The simple mention of this
melancholy fact is enough to excite attention, and call for
alteration. This country is too generous to deny the
means, and your Royal 114,-liness tco enlightened and too
benevolent not to cull for them. It is only through the
agency of a free press that suggestions of this description
can, with effect, reach the ear of power—though I know
that a private appeal to your Royal I 1 igliness's generosity
never fails of receiving a prompt attention. There are
other topics connected with this subject, to which I shall
take the liberty of adverting on some future occasion ; but
it may be proper for we now to state, that this appeal
would not be made to your Royal Highness or the country,
if, thank Heaven! the glory of our arms and the wisdom
of our rulers had not placed Great Britain in a state of un-
exampled prosperity. Edo perpctuo!
I have the honour to be, your Royal Highness's devoted
and very obedient humble Servant,
A FRIEND TO Till Away.
London, May 16.

SHIPPING INTELLIGENCE.

CUSTOM-HOUSE, MAY 18.
ENTERED INWARDS.
Vissery, Iryidechuyt (Holman, broker), from Woreum.
Jane and Mary, Coate/ (Caatendieck), from Ilamburgh.
Rambler, Hunt (Cohen), from ditto.

,
-part of which ale in excel!'
vividl7 bright. The whol
oczuptes a space of abaul
which was accidentally nit
th importance of the curl
this veatiga of /Oman
course.—Gluicestee Joungs