The Idaho Republican. [volume] (Blackfoot, Idaho) 1904-1932, 1920-09-29

Few People Outside Its Membership
Even In Britain-SimpIy an Associa.
tlon Which Governs the Affairs Of
Its Members-LIoyd's Coffee House,
Where Captains Met, Gave II Birth
Something of the origin and history
Of Lloyd's, one of the most famous
British institutions, the actual organ
ization of which is understood by few
people outside its membership, even in
Great Britain, is contained in report
by Leslie E. Reed, the American con-
sui In London, England, the New
York Times observes. Lloyd's Is as
ISOLATED in the minds of most people
with the insurance Of ships and car
goes and with occasional freak poll
cies which are in the form almost of
bets or wagers. The institution COM
prises comprehensive system of re-
porting the movements Of vessels all
over the world so that the position Of
any particular vessel at any time can
be ascertained with comparative ac-
curacy from Lloyd's.
1t is at the present time a corpora
ton in form, having been incorporated
in 1871 by special act of parliament.
The corporation as such does not, how
ever, resemble American insurance
companies and 1t does not undertake
insurance business. 1t is interested in
the Insurance business carried on un-
der its auspices only to the. same ex-
tent that stock exchange is interest
ed in the business carried on by its
members-that is, the making of reg
ulations to safeguard the interests Of
the members and of the public.
Birth Of LIoyd's In 18th Century.
Lloyds came into being in the latter
part Of the seventeenth century. A
small group of people in London in
.terested ip shipping were in the habit
OF meeting at the coffee house kept by
Edward Lloyd, first In Tower street,
after 1891, at the corner of Abchurch
lane and Lombard street London.
Ship captains and all presons interest
ed IN shipping met in this coffee hosise
and Lloyd, who appears to have been
man Of enterprise, took advantage
Of the opportunity and in 1896 started
a newspaper in which he gave a list
of the vessels Of whose arrivals and
sailings he had heard. The newspa-
per was called Lloyd's List, and with
the exception of one 30-year interval,
Lloyds List has, appeared ever since
and is still widely circulated in ship
ping circles.
In 1720 parliament allowed two
marine insurance companies to be es-
tablished in London. These were the
Royal Exchange Assurance corpora
ton and the London Assurance cor
porati0n, which are at the present
time perhaps the two largest COMPETE
tors Of Lloyd's in marine insurance.
In ITO the frequenters of Lloyd's cof-
fee house, whose particular business
was marine insurance, formed them
selves into more definite alliance and
moved to Pope's Head alley taking
with them Lloyd's List. In 1714 they
removed once more, to the building
known as the Royal Exchange. This
building was destroyed by fire In jan
uary, 1888, and many of the important
records of Lloyd's were lost. The
building was reconstructed and the
present Royal Exchange was opened
by Queen Victoria in 1874. Lloyd's has
been there continuously since that
time.
In 1880 parliament considered the
question of marine insurance, which,
until that time, had been entirely in
the hands Of Lloyd's and the two ma
rine insurance companies mentioned
above. A parliamentary committee rec
commended that the monopoly be abol-
ished, but the house of commons de-
cided that Lloyd's had rendered a
great service to the country during the
Napoleonic wars by supplying the gov
eminent with information in regard to
maritime matters and, with the two
other companies, by insuring the ar
rival in that country of merchant ships
and their valuable cargoes. The house
of commons subsequently resolved
that no alteration should be made in
the situation, but in 1920 an act was
passed permitting marine insurance to
be effected by any one, under certain
regulations. Since that time many
other marine insurance companies
have arisen.
Incorporated In 1871.
Lloyd's was incorporated in 1871,
having been since 1911 an association.
In 1911 an act Of parliament extended
the scope Of the corporation and de-
fined its objects as follows:
"The carrying on by members Of the
society Of the business of insurance Of
every description, including guaranty
business.
"The advancement and protection
of the interests Of members of the So
ciety in connection with the business
carried on by them as members Of the
society and in respect of shipping and
express and freight and other insur-
able property or insurable interests or
otherwise.