New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-10-05
IN FAVOR or PUBLIC STATEMENTS.

IN FAVOR or PUBLIC STATEMENTS.
REPORT TO THE CHAMBER or COMMERCE. Of
ILoYDs FIRE INSURANCE RAPID TRANSIT
one of the interesting features of the regular
monthly meeting of the Chamber of Commerce.
held yesterday. was the report of the Committee
on Insurance. The committee has been Investigate
ing the Loyds plan of insurance. The report OF
the committee recommended that the Iloyds should
be required by law to make yearly pubic state
monts as to their condition. just as the stock fire
insurance companies had TO do. 1t was the hrst
regular meeting Of the Chamber since the summer
vacation. The president Alexander +. orr maze
speech. welcoming the members
These new members were elected yesterday;
Jonathan Buckley. James y. Jdrvie, Jacob LANCE
10th. Henry S. Manning. Charles a. Moore Her
man Siecken and J. Henry Wh.tehouse. rcsolu-
ton was passed declaring that IL was the opinion
OF the Chamber that American interests and
lives demand the presence Of a larger num-
Der of men-of-war IN Chinese waters Charles
s Smith offered resolution. which vas unani-
mousy adopted approving the construction OF d
rapid transit railroad by the city al the pubic eX-
pense. ana inviting the citizens Of the city to unite
with the Chamber ia an effort to secure a favor
able vote on the question.
A resolution. which said that the police force Of
New-York should be constituted ON some such
basis a. the United States Army was referred to
the Committee Municipal Legislation.
The report OF the Committee on Insurance went
exclusively into the Lloyds plan of insurance.
The gist Of the report was contained in This in
PRODUCTION:
Your committee whom WAS referred the sub
lee. of fire insurance by llOyds and the question
of what legislation if any. is desirable ana neces-
sary for better protection OF the insurnS pun
lie and also OF the stock FIRE insurance companies
of this State respectfully report that. while they
see no reason why the business of fire insurance
outside of the compact portions OF cities Hdhie 10
sweeping CONGREGATIONS, could not be conducted
with the safety to the insurng pubIlc by
capabe and honest individuals associated as mem
hers of LloydS by the association of such in
diyduals In stock companies excepting only the
Important; stock feature OF capital guaranty theE
can see no reason why individuals associated as
Iloyds should not be required by law 10
make public statements each year as to IN
come expenditures. assets. liabilities ana re
serves required Of stock lire
insurance companies nor can your committee
see why such LlOyds should be exempt from
such taxation on premiums received by them as
would measure their fair share of the burden I'M
posed by the State for the support Of the Insurance
depart ment and other safeguards OF the public. IL
being manifestly unjust that such entire burdens
should be borne by the stock companies, VINO now
receive only a portion Of the premiums. II seems
manifestly unfair that the State should provide
an Insurance Department and make other proNi-
sion for the security Of the iasurlng public and
coilect the whole cost of such department ana
Safeguards In taxes from the stock insurance COM
M MES who collect only portion o! tho premiums
bald by the insuring public. and who alone are
beld 70 restrc'io deemed necessary for the pro-
lection the public.