Clarke courier. [volume] (Berryville, Va.) 1869-1997, 1906-11-21

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corner OF the globe. But there are
probably few outside the shipping trade
who if asked What is LlOydSTr could
give an intelligent answer TO the Ques-
ton.
Iloyd's was originally a coffee house
i'm Tower street London. kept by n
very cnterprising and wide awake man,
whose establishment was much fire.
uucntcd by merchants engaged in the
shipping and underwriting trade. Ma
rine insurance had been first introduc-
ed into England 10y the Hanse mer-
chants and 10y the LOmbardS. who en-
jOyed for a considerable time n prac-
teal monopoly thereof Queen Eliza
beth put a stop TO this. however. At
the time Of her war with Spain she or
dcred all foreign traders TO quit her
dominionS and not long afterward
caused Sir Thomas Gresham to devise
an act sanctioned by parliament. cS-
tablishing marine insurance on a legal
basis, this being the first mention there
OF in the statute book Of England. The
merchants and brokers engaged in this
branch of commerce used 10 meet I'm
the various coffee houses of the city,
and 10y the end OF the seventeenth cen
fury Edward I.lOyd's establishment
had become their favorite TRUSTING
place. In 1GSS his name appears in the
London Gazette in connection with an
advertisement Offering a reward for
any one giving information TO MIR. Ed
ward Lloyd ut his coffee house in Tow
er street" as TO the whereabouts of
man who was wanted" on Il charge OF
theft
BY 1892 his business had prOSpered
10 such an extent that he moved 10
the corner Of Lombard street and Alb
church lane. all his customers follow
ing him. while in 1906 he went so far
rs TO produce n news sheet, called
LlOyd'S News. containing all sorts Of
information. particularly relating to
shipping. calculated to be of interest
to the people who gathered each day
ut noon at his coffee house. Unfor-
tunately the Sevcnty-seventh number
OF his paper (Which he issued three
times a week. contained n paragraph
cOndemning certain proceedings in the
house Of lords relating TO shipping. and
the result was that ne was arrested.
SUMMONED to the bar of the house,
fined and compelled to abandon the
publication for time. In 1721. how
ever. it was resumed under the title OF
Lloyds List and has appeared minter-
ruptedly from that time until the pres
ent day. being with the exception Of
the official London Gazette the oldest
English newspaper in existence.
The next half century saw the grad
ual capitalization Of the Society Of
Underwriters and Merchants. which
had It's headquarters in Lloyd's coffee
house, into a clearly defined corpora
ton. Lombard street was left for
Pope's alley in 17T0. whence four years
later Lloyd's moved to the Royal Eek
change, where it has ever since had its
home This step was Immediately fol
lowed 10y an immense expansion OF in
surance business. due in n measure TO
the succession Of wars In which Eng
land was ut that time involved. Not
merely ships OF the English mercantile
navy, but also men-of-war and even
merchantmen belonging TO the enemy.
were all insured at LloydS II the
risks were great, the premiums were
high, and the scrupulOus care with
which Lloyds always punctually full
filled its obligations, its triumphal is
sue from the ordeals Of several par
liamentary inquiries and. sbove all. the
active role which 1t assumed I'm nation
al and patriotic movements, all con
tributed TO establish its hold upon the
good will Of the people
Thus il was Lloyd's which first init
ated that lifeboat service which has
been adopted by every civilized coun-
try in the world Boosting OF a sea
board, and it was LlOyd's name that
figured for $4,000 at the head OF the
subscription list for the building of the
first lifcboat ever launched. Indeed.
for n quarter OF n century the entire
lfeboat service Of the United Kingdom
was maintained by LlOyd'S until il
was taken over by the National Life
boat institution. Again, il was Lloyd's
which originated with Il subscription
OF 100000 in 1903 that patriotic fund
which is still in existence and which
has provided for the welfare of the
widows and orphans of those who have
lost their lives in the naval or mill
tary service Of their country, besides
caring for men who have wrecked their
health or who have been crippled while
fighting England's battles.
In 1871 Queen Victoria affixed her
sign manual TO an act of parliament
providing for the organization of
LlOyd's in its present form. 1t COM
prises about 600 underwriting and
about 200 Misunderstanding members
besides about 500 annual subscribers.
The underwriters pay an entrance fee
and an annual subscription. and TO
place their credit beyond doubt they
are required TO deposit as a minimum
$4,000 security with the committee.
Membership of LlOyd's is most Jealous
ly guarded. Candidates must come be-
fore the committee with the written
Recommendation of six members and
prepared TO answer all questions of
whatever kind put TO them. The cleo
ton takes place by ballot, and for
seven days previous TO its occurrence
the name Of the would be member
must have been posted in the so called
chamber Of horrors" The object of
the corporation, as proclaimed by the
1871 act of parliament, is, first. the
carrying on of the business of marine
insurance Ey the members Of the SO.
ciety; second. the protection Of the in
terests of members of the society IL
respect TO shipping cargoes and freight
ana, third, the collection, publication
and diffusion of intelligence and in
formation with respect to shippinp.
1t Is eSDeciallv for The Latte. -, -.