Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1915-04-09
WHAT Is LLOYD'S7

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WHAT IS LLOYD'S7
Sketch Of English Corporation Al
most as Strong as tho Government.
"Lloyd's" Is about as stable an insti-
tuition as the Bank Of England in Brit
ish estimation. In fact, it Is almost as
intimately connected with the financial
business Of the United Kingdom as Is
the "Old Lady Of Threadneedle Street
herself, says the Providence Journal.
And Lloyd's, which Is ready to insure
everything, from the British fleets
against danger from the air or the
water to a London baby against the
whooping cough, is more in evidence
than ever since the beginning Of this
great war.
Al at Lloyd's is a c~olloquialism fire.
quently heard in England when one
inquiries from another, How are you?"
but it's true meaning Is a mystery to
many people. 1t originated at Lloyd's
the great institution at the rear Of the
Royal exchange, which Punch once
described as 6 place where IAN Ill wind
blows nobody good"
Edward Lloyd, believed to be the
founder and name giving godfather OF
this famous institution, kept a coffee
house on Tower street in the latter
part of the seventeenth century, which
became a favorite resort Of persons
connected with shipping. About 1892,
he removed his establishment to the
corner of Abchurch lane and Lombard
street, where it was literally patron
lied by the shipping community, who
used it as a rendezvous for the trans
action of daily business. Sales Of YES
sells were advertised in the London
Gazette, with the information that the
inventories could be seen at Loyd's
coffee house. In 1896, Lloyd establish
ed a tri-weekly paper, devoted to
commerce and shipping, giving it the
title Of Lloyd's News. But after an
existence Of not quite six months the
paper was suspended because Of a
trifing offence to the government.
News letters, however, furnishing
commercial and shipping intelligence,
were regularly issued to the frequent
ers of Lloyd's establishment, which
had already become the recognized
headquarters Of shipping people.
In 1925 Lloyd's News was resuscita-
ed in an improved form, under the
title Of Lloyd's List and Lloyd's cof-
fee house became the headquarters
of maritime business, including mari
time insurance. Lloyd's List Is now
the official publication Of the great
corporation known as Lloyd's. Since
1886, it has been published with the
Shipping and Mercantile Gazette, but
it Is Intended to issue it as a distinct
daily paper, with the latest move
ments Of shipping and with CONNER
cial Information.
Illicit wagering and gambling poll
cies were issued about 100, and the
more respectable f%requenters Of
Lloyd's coffee house finally rams
ferred their headquarters to Pope's
Head alley, which they called New
Lloyd's, but after four years they es-
tablished a new home at the Royal
exchange. The directors Of Lloyd's,
humbly styled the committee for
managing the affairs Of the coffee
house." exerted a ~far-reaching sway
over British ommerce in those days,
and were acknowledged by the gov
eminent as the head Of a powerful
institution. Prime ministers had to
keep on good terms with Lloyd's; re-
ports of important events usually
reached the coffee house before get
ting to Westminster and Whitehall,
so that the committee Of Lloyd's as
sumed toward the government the po-
sltion Of a power in the state.
On May %, 1871, royal assent was
given to an act Incorporating the
members Of the establishment or So
ciety formerly held at Lloyd's coffee
house, the Royal exchange, in the city
Of London, for the effecting Of
marine insurance, and generally known
as Lloyd's, and for other purposes"
There are some $50 underwriting
members of Lloyd's. They appoint
about 100 agents, who write for them
in different s~yndicates, the latter ak
ing up risks in blocks. All insurance
must be effected through q broker.
The deposits and guarantees provided
by the underwriting members Of the
corporation as security for their I'M
derwriting liabilities are said to
amount to E7, 900, 900 sterling.
In 1884, Lloyd's Register was insti-
tueed. 1t has become a bulky volume,
containing full details Of British ships,
their classification, carrying capacity,
engines and ownership, and giving the
name of the commander. The Regis
ter is brought up to date each week.
and the committee responsible for the
publication is composed of shipowners
and merchants in the great British
%seaports. The committee has a sur
veyor in all the principal ports Of the
world. The men, however, responsible
for Lloyd's Register are a separate
body from the great insurance cor
poration known as "Lloyd's," which Is
virtually a business club.
AS the underwriters in the early
days at Lloyd's desired to know the
condition of ships before effecting an
insurance of the vessels or their car
goes. they engaged captains to in
spect the ships. II a vessel was sound
in hull it was placed in Class A. If
satisfactory in equipment, which in
the bygone days Of wooden sailing
vessels included sails and ropes, 1t
was classed Al. Since iron and steel
superseded wood in the construction
Of vessels a different classification
has become necessary, and 100 AL"
is the highest class for well construct
ed and equipped steamships. Second
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