The Sun.
London, England, 1824-06-14 00:00:00

SUN.

MARINE INSURANCES.

CASE of the INDIVIDUAL UNDERWRITERS of
MARINE INSURANCES, with their Objections to the
Bill now before the Honourable the House -of Commons,
to repeal the exclusive Privileges of the two Chartered Com-
panies, to insure Ships and Goods in Partnership.
Assuming that the intentions of the Legislature in framing
these Acts of Parliament have not been realized, it is submit-
ted, that under the protection' of their enactments there has
been matured and established a widely extended system of in-
dividual competition, highly advantageous to British Com-
merce, which their hasty and unconditional repeal would in-
evitably destroy.
In London, Bristol, Liverpool, Hull, Newcastle, Lieth,
Glasgow, and other Marine Ports, also in 'several of our prin-
cipal manufacturing Towns; open markets for Marine Insur-
ances have been established, and which the best interests of
the Country require should be preserved.
Lloyd's is merely the name in London, of a Public Mart for
Marine Insurances, where every Merchant and Trader in the
Kingdom, may either attend himself, or by deputy, for the
purpose of Underwriting ; it possesses no privileges, and pro-
fesses no exclusion whatever; good conduct and character,
with sufficient means, being the only qualifications required
for admission.

The establishment of Lloyd's includes among its Subscrib-
ers, persons connected with every branch of the Manufactures
and Commerce of the United Kingdom. Upwards of 300
Agents have been appointed in different parts of the world, from
whom is regularly received; a comprehensive mass of nautical
and commercial information, which is gratuitously made pub-
lic, and daily transmitted to all parts of the kingdom.
It would be easy to prove, that this system of individual in-
dustry and competition, has reduced the rate of premiums
much below what they have ever been known, in the history of
this, or any other Country ;—that it includes a large proportion
of ie capital and respectaility of the Mercantile Vorld ;
that it has obtained-the respect and confidence of foreign mer-
chants, while at the same time, it has successfully withstood all
foreign rivalry ;—that it has arrived by long practice and ex-
perience at the highest degree of excellence in its arrange_
ments ; and that it has materially promoted and protected the
Commerce of Great Britain.
These advantages will be destroyed, should the fill now be-
fore the Hon. House of Commons: to throw the trade generally
open to partnerships, and companies, be passed into a law.
Every Joint Stock Company now established may, and some
of them intend to become Marine Insurance Companies;—
projects arc afloat to establish Alliance, Mutual indemnity,
and other associations, for the same purpose; overwhelming
monopolies in the several branches of trade are in contempla-
tion, to crush individual exertion, and the Public (by a little
concert among the Companies,) will soon be charged for the
losses, which these monopolists may sustain, in affecting the
destruction of open and individual competition, it being impos-
siblethat the latter can be sustained against the interested
masses of Combination which are now organising to secure
to themselves this branch of commercial adventure.
For these and many other reasons, which in truth may be '
urged,
and can be satisfactorily proved, it is hoped that the
house will not entertain the present Bill.