The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1877-04-07
LL0YD'S.

The name Of Lloyd's, as connected with
marine insurance, has become one of the
most potent in all countries where British
commerce has penetrated Lloyd's agen-
cies extend throughout the world and
their reports are synonyms of truth and
accuracy and early information in regard
to shipping and all its incidents. Mr..
Frederick Martin, well and favorably
known as the author of that useful hand
book, "The Statosmans Year Book" has
recently published the History of Lloyd's
and of Marine Insurance in Great Britain,
which is Of interest both on account of the
importance of the subject aud of the curl
GUS circumstances by which the name of
the keeper of coffee house in 1888 gave
rise to title that to-day represents one
Of the largest and most important instru-
mentalities in the world of commerce.
The business Of marine insurance had ex.
listed of course, in much earlier times, and
the oldest laws on the subject are those
enacted by the great trading towns
Barcelona in l435, Venice in l46S, while
antiquarians point to an edict of the EN-
peror Justinian, Of A. d. 533, as showing
that nautical insurance already was recog-
nized, and to the claws of Wisby" as
recognizing bottomry, the original and
simplest form of marine insurance. In
contrast to the sanction of imperial authori-
ty borne by the Continental cities, the
great English representative of commerce
on the high seas owes its name at least to
the intelligent industry of Mr.. Edmund
Lloyd, who, in addition to keeping cof
fee house, where ship owners met, began,
in 1896, the publication of LIoyd's Ne,cs,
which, after some violent Interruptions,
and under the name of Lioyds Lists, is
still fourishing, next to the "Loadon
Gazette, the oldest existing paper of the
present day, and acknowledged authority.
1t took good many years, but by 1725
Lloyds Coffee House became the head
quarters of the maritime business, includ-
ing marine insurance, aud even after the
establishment of the two corporations,
which down almost to our own time,
monopolized the chartered rights, they did,
between them, about one-tenth of the total
marine insurance business done in London,
the other nine-tenths being in the hands
Of private underwriters assembling at
Lloyd's Coffee House. 1t was not until
well on in the eighteenth century that
these men formed a voluntary organization,
maintaining the old name of Lloyd's, aud
something of the outward form Of coffee
house open to the public, but really repre-
senting the vast combined wealth Of a
large body of persons engaged in the bust
ness Of insuring marine risks. Not only
did they become a recognized power in
the trading world, but they made their in
fuence felt by the Government, and both
gave and secured very material aid in
making the mercantile marine and the
navy work together for the protection Of
commerce and the nation. Lloyd's set the
example of coming forward in the great
struggle against Napoleon, and raised and
distributed patriotic fund Of over three
millions of dollars. In 1910 it was esti.
mated that the tax paid upon insurance
policies represented risks Of over six hun
dred millions Of dollars, Of which not over
twentieth part was done by chartered
companies, all the rest being provided for
by the private underwriters who met at
Lloyd's, and there took their choice of the
offers made to them to insure property on
the high seas. II was not until 1911,
| after a sharp Parliamentary cootast "a,