Marine Insurance Bill.
The Times, 1824-06-14T00:00:00

.uioystts, iane v, mm' Sir,-I ara not aware that any letter has been addresed to you on te subject ef marine Iassurance, and I am unawilling that the bill should be read n third tdme ant pass into a law, without maaking yoat fully acquainted with the distress thattthis measure must occasion to many members of this esablshment stnd their dependents, and the final destruction it must brin8upon all competitionp this branch of business. however ably the cause ef this house has been advocated in Par. liament by many kind friends wfho have come forward on the pre- seot occasion, we -iiave been unlforunate in not laving a member practically acqusinted with the usarine assurance business to rebut] certaur assertions which hare been l*oadly made against the honour, liberality, and soliency of the underwrriters. If,s Sir, the repesahad been .opoeedas BpriatbbiWl, many of those interested il} the guestion would have been unable to vote, and cvI. dence upon 0ath might hare been given Ewhich wvould have satisfied the (louseof the wreakness of the caseisgainet 'ioyd'sw and the state- ment of an individual, widely crculated, that he was unable to effect such insurance as he required, might have been refuted, as It Would have baen proved witbhout the least diflicultyt that the fult in the capitalist himself, ;dd not in the underwrnters, w-ho were willing to'have covered any amount af Bt ?agonable preminim. X The part you have taken in the sliscdtnons on slavejr, induces me to piace much reliance upoon your justice and tisdour; and I cannot believe, that efter the fight you have mads in ths fobld ase you will allow private interest to operate against a large 'niarjtber of individuals whose very existence depend upon the passing of thisx act. Tlihe numnber of individual underwzoriters at Lloyd's and othetr ouf scription rooms in this city, is estimated at e leas at 2,Q00, with clerks and families amounting to upwards of 20,000. Thcse per- sons, having devoted a large portion of their time and talents to the science of underwriting, are not fit for any otlter employments. The business has been carriel on to the satisfaction of the mercantile world. The nremitinms are little more than half what they were 32 years ago; an'd the security iu o ample, that I will take upon my'self to say, that no broker who understands his business would efFect a policy which the next day he would not wilingly guarantee at the usual percentage. It is not demied that the act of 1720 was contrary to the principles of political economy, but it i8 asserted, In the most solemn manner, that no step could have been so eminenty successful in bringing forward individual competition. And wvuld you, Sir as matter of speculation, risk the destruction of a business whiKU has grown with ttte growth of our commerce till it bas arrived at its present height, aud which has been the mea,,s, the sole means, of extending our trade to every portion of the habitable globe ? Where could the manufacturer, during the late war, hawe found a vent for his wares, had it not been for the spirit ef enterprise at Lloyd's? The underwriters have run every risk, they have tracked every river, they have sounded every shore, and for what? Solely, shot,ld this bill pass, that others may receive the benefit. One cause of reduction of prenmium has been, the admirable plan established by this house of agencies in every part of the world, by which means the earliest mercantUecommmunications are m.de to Lloyd's, and thence transmitted gratuitously throughout the coun. try: another cause is the admirable system of registry of shipping, whlic, under the direction of two committees, has been brought to considerable perfection, and at an expense of not less than 3,QOOL a year. Now, Sir, if this bill passes, these advantages will be lost, and the comnpanies will have to depend upon their own exertions for these aids. Another point, and one of the utmost Importance to the merean- tiesorid, is, that when offiices are formcd tor marine Insurance, a large portion of the best business must necessarily be carried to them, whatever risepremiumaumay be, because they will be bound to in- sure a certain amount there: the rezule of this will be, that indifier- ent risks, which the companies will net underwrite. such as the trade to the Greenrland, Davis Straits, and Southein Fisheries, and the late timher ships from North America, will not be insurable at any ptiCe. The companies will certainly not take them, and underwriters will not take the refuse of the companies, when no premium can make them good and current risks. It is well known that the Al- liance Life and Fire Assurance Company, to which you are an au- ditor, and in which you are said to be a large proprietor, refuses to insure any of the sugar houses in London agamist fire. Pause, Sir, I beseech you, before you put the fiaishing stroke to this ruinous business: it is not now too late to retire from the con- rest; but if yeu persist, vhen the ruin which is now foretold comes upon many Individuals of this establishment, von will regtet that you havenot believed A SUBSCIiIB R TO LLOYD'S. P.S. The sum of 300,0001. has been insured at l,oyd's this week, by ose sloop of war from London to Rio JYaneiro, including risk of plunder on the way to Portsmouth, at half-a-guinea per cent. MARIBR YNSURAMCB BILL. TO TRO03AS FOWETiL BUXTON. ESQ., MH.P.