The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1915-06-24
WHAT is LLOYD'S?
Sketch of English Corporation Al
most as Strong as Government.

LlOyQ IS duOul dS StooiS dn 49,
stitution as the Bank Of England in
British estimation. In fact, 1t is al
most 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 colloquialism
frequently heard in England when
one inquiries from another, How are
you?" but it's true meaning is mys-
terry to many people. 1t originated
at Lloyd's, the great institution at
the rear of the Royal exchange,
which Punch" once described as a
place where "an i'll wind blows no.
body 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 CEN
tury, which became favorite resort
of persons connected with shipping.
About 1892, he removed his estab-
lishment to the corner of Abchurch
lane and Lombard street, where 1t
was literally patronized by the ship
ping community, who used it as
rendezvous for the transaction OF
daily business. Sales of vessels were
advertised in the London Gazette,
with the information that the in
ventories could be seen at Lloyd's 9
coffee house. In 1896. Lloyd estab-
lished 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 trifling offence to the government.
News letters, however, furnishing
commercial and shipping intelli-
gence, were regularly issued to the
frequenters of Lloyd's establish
ment, which had already become the
recognized headquarters Of shipping
people.
In 1926 Lloyd's News was resusci-
tated 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 Lloyds. Since
1886, it has been published with the
Shipping and Mercantile Gazette
but it is intended to issue it as a dis
tinct daily paper, with the latest
movements of shipping and with
commercial information.
Illicit wagering and gambling poll
cies were issued about 1900, and the
more respectable frequenters OF
Lloyd's coffee house finally transfer
red their headquarters to Popes
head alley, which they called New
Lloyd's. but after four years they es-
tablished 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 commerce in those days,
and we're acknowledged by the gov
ernment as the head of q 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
position of a power in the State.
On May 25, 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 pur-
poses
There are some $50 underwriting
members of Lloyd's. They appoint
about 100 agents. who write for
them in different syndicates. the lat
ter taking up risks in blocks. All
insurance must be effected through
a broker. The deposits and guaran-