The Underwriters Of Lloyd...
The Times, 1824-06-18T00:00:00

,--- V-- --- -1A,NIK!cM unuxerwntters, inltitviOtually na d Irately engagedt in the business of Marine Insurance, Showe.,Tliat vouer petitioners have long been- engaged in the 'business of Marinelinsurance: they have no commu,nion of interest, 'but Sre rivuls andacompetitors for thle,employmentoffered byrmer-. chants whobave adventures to insure. -' l'at thierumber of personsintLondon who, like your petition,ers, es-gzige indiviaually in underwriting policies of insuranice uipen ma- 'rile ziaks, Cannot, in their opinion, ainotint to less than 2,000 ; and, in uldition to that numaber, thiere are M~any individual underwriters, ,cur&inz va busines on their separate account, in. diffrrents part of ,the mnittca kirigdom. .That marnn insurances are ecHin-ted with inditvidual or private un- *0MdEcmrtos In -various parts of the metropolis t but the-princeipal place 'of resNo' f3 to commodious roomi,, known by the nameof "1 Lloyd's" which Wrso a part of the-buildings of the Royal Excharge, wltich 37e n-IPOrted by ainual subscriptions, as well.fromn underwriters as 'meCrcNants and brokers, who attend there for the purpose of enterintz ~M contracts of-insurance, and also of obtaining the most:accuat~~ .tZcnunts of th-e sailing and, arrival of ships, the aponmn-of con. vrqvS ill time of war, and -such other information asis impotkaot to zn=rtime adventures. That out of the sutbscription is defrayed the ey:pense ofcolleetrin1 Iunda m cthadizinpgsuclt informnation, of- 6upiportntg tlu iuecessaty es- tablishment, and of rewarding persens who have metitoriously ex- ertet themselves in any.transactiont:~finecLadwith commercial navi.. rt,tzon., andl yoar petitioners ran-4 also be allowred to add, vwithout -lnti1crgany sentimentof dOfteacy, that thetamre fend has natutn- fr'tquentiv been an'plied tq stimtulate the bravo defenders of their pal rtry, both in thePi'fy- and army of Eng~land,n nd to reL:mve the !aditraii distes I.s of the relatives of those who have fallen iwrwar. That YOuIPr Pationers, and the other underwrittrs resorting to 'IAe4's,ha~ stabishea. agents in nearly all the principal ports in' thO CivI' e.d world their itumber at present amounting? to about Z eO wo nforpnalion is reeeived equally important in de- 'm'dagfrad, nd n gdiving facility'to nmercliants to establiali their ~iis fr lsse sutaied.Such agency has been created by s!oiv' 'ltree, drig aeryongedod, anldi now believedtobe of Fm. ~nseimprtane t thebesinterests of commerce. Tha th r.nsessve dvncetowrdperectonof the system of insaance incudig the aragmnsbfr etoned,h has induced ranyddiiona'pc.,os toengage thierein, andgreatly increased the *nnmor~ prratunderrtea insomnuch, that the premiums re- eIro we in -vety e instancsmore than one-half time rate usually r,aid pior to the rearl.792. hat coptition among private undlerwriters iseatiTed to such an Ett, tamm th a rgMate of prenilums'ivouldI imfmevitablkfall shbort of th mort of clams tor los-ses, if any, part of thie protection afforded by tlh-presnt systemn sbould be withdramwn - it will, therefore, ap-, peartbvious to your Lordships, that the maintenance of the system' ra e 'nIa to the interest of persons havintg property to isr,a 'w-i1 as to the safety ofthLrmnndrwrters; and It is equally clear that auc-h srste-n can onily hie maintained by leaving thie private under. 'writer in possession of the moans by wbich'ft is. supported. TfOat the Protection afforded to the pnblic by the responsibility of -.3 "rrat a number of private underwriters, is very considerable, and h.as beerfoandchlfly adlequate tothepurposesof cmmerce; and-the lovesnsaind ywhic are of widerivriters will be- fouind 'lot to be equal to those w hic ave arisen in any othier branch of comn- mncre; and vour netitiunem -would have no difficulty in showing tizt e=xtrordlinary losseii by faileire have generally been occasiloned by the excess Of comnPetition byoharesionable limits, sothat thepre.. mriumi fell greatly short of thlt amrount df risk incurr ed ; andl having b.een refused bv experiente underwriters, suchi risks have been niT`h-udV to individuals of Iess information, who have confided in the brokers or mwp,a%csa 7by rhom the premiums were prbposed, and ~aeencar4err ruin as the consequence. That cati -lortlsss upon private underwriters are settled withi the ".%Ost liberalitv ; and youir petitionlers are prepared to prove I'4?,Al in thvtj rexpee a'lso, very great alvantage is derived to the .public byInsuring, with private underwriters. 'Ibjat the system which your petitioners have buit imnperfectly de- Iseribea, has grown out of thie provisions of ar act of Parliament. pas,sed In the sixth year of the reizn of his late Majesty Kinkj Ageorge the~ First, which restrained all corporantions, bodlies politic, scozxpsnls -societies, and Partnerships, fromn engaging in the min-u en4eciships and goods at sea, or going to sea, and from lending mo ne r bottory, e-xcept the two corporations therein mientioned. Thatty-oarpetitiorers have constantly regarded the act before re- fetdt sasolemn legislative pledge, that the business of marine eresuraneeshould be confined toprivateurderwriters exceptsofarasthe two corpoations thena-.uthorized wereconcermed;ana~thatnootherjoint intetstsbcmldexist,ritherduringthe continuanceoythos,ecorporations - at anytime afterwards. In other wrords, tbe saidi act, after pro- vidins: for the formation of two companiesL established, in efFect, a syatem of o:rien indlividual competition, '-Xhich was renrdered tuore ~~reeby the negative enaictment, that no other com-paniesa of the .fke nature shouldt ever be estaVltshed. That a bill has been r;ecently introduced into your Lordsliipst' -honse ~forrepealing sq rnuch of the Act of the gfit of Georc , as restrais any oe et rp?orations than those~ in the act namezd, an-sdeties or pctner.-eps, Ifrom effecting marine insurance." 'That Such llneasure'is no~t required eithier for the purpose of 'reacingth% rate ofpremiumn,or offurnisinig additionalteapital for '9th ProteqWjn of commerce,, on the cotnray, your petitioners haye 'I-Owt, TInd are prepared to prove, that any increase of cormpetition that tahould further reduce the rate of premium, would operatte to tee uir.inate aisadvantage of commerce, by rendering the contract of p!i4rnnlty binecure, or by cautaing a. re-ac-tion so soon as the terms of Itsurrance were foestd rtilnous to the underwriters: and your pcti- teazers are als,o pterared to p-ove~ that flltand ample imeanst exist for the insurance of every fai ris where the parties are willing to -That the said measure does not originate int any public inconve- m!leice,to beremoved, but in thle private views of a company or pare- riershbip reeastly formled, under the name of the"'~ Alliance British and i ForeIgn. Life waadFire Assurance C-ompany -` andaaltliough introducea. in the form of a public bill, your petitioners hope to be zilowed to pros'e at your Lordships' bar, that it is in substance and reality as muc-h a private measure as. if it lhad been introducedatpon shne petition of the partners in the AUlance CoPmpany, who are its Tat no evidence has been adduced in the progress -of the bill through the Lower House of Parliament, to prove the expediencey of 'he mesaure; but youxrpetitio'ners have been subjected togrea,t disit advints.ge froni the form ef- proceeding' tAopted, andc they beg to state 'he following for the Wnormation -of your Lordships. They heare net had the opportunity of contesting tife propriety of thle mea- sure upon t'he absence of any cms on the pa-rt of the promoters of 'teh ;they have been 'subject tothe prejudice produtcdb fe saeetoflfacts in the progress of the bill which your petitietners 'eave not been permitted to contradict or explain, 4tltough some aof your petitioniers rayed leave to be heirdv by their witnesse at the bar ofthe Lower Houseagainietthesi i;adftrrd by saother peeiiion'prrved leave to be heard byt4heir witnesses before a 'conmmittee of thaLt 1ouse.against theOcau3ses f the said bill; and inconiequetceof the form of the bill, members of Parliament di. ?ictly interested in the said Alliance Company were entitled to vote uspon therilestien, although your petitionerg weread1vigM thAtifthe smidtonapanyh.dopenypetlbionedufor-the object which'tieysieekto "btalre by the said bill,and had obtaned leave -te introducee a bill for! Vle aTowed purpos f enabling then-v -to undertake niarinlo- Juar azte, it would not have been competent to miembers -of Paflidtfient 'directly interested thereiritovoteupon a ivlsl)nrespegtitIg the same. That artattempt wastmade in the yearI108toobAtaln frona Parlia- ru-iet permission f-or the Globe Fire and Life Insuianee Company to zindteerkemsarine insurance, and after evidence had been. received by ceemnaittee of the Lower House, the bJIl was abandonWl. That inathe year I81IQ inotherippliestion wai mejade to Parliament 'forthee same privilege By certin mterchatnts fLon'IA,don, and Upon tChat, occasion mnuch evidence -was given before 'a committee 'of the L.riaer House. buetheilwatadnd Thatt intthe ya 181,anthr i was introducecl by the samne pArtes, and teRgtHnual the then Chancellot of the 'Ex- cheq,er. and bis aet'thnAory and Solicitor4General, de- livered t'heir setmensi posto othe'bUil and the same weas *eectea. That in the year 1813; the smine inerclbapta made ana applicaftioa to ]his Masjesty's Mfost llonourable Privry Council f.6 enable theina Ii ef. ti,ct the same object, but which did nt suicceed. Thatyouryetiit~ers oul fee noAnxiety in neeting the pro. ~eotsa f te bll owpn~ing~eve upn the evidence'given tuton 'the ccasin beoremeuonel butyourpetiti.oners relylupopt a ~se ery uch trenthend bythe etur ofpeace, anid the pre.~ ~ere at.teof i~ren~ebesiess an f the m ean-'f meeting the Tliat theemiseqesatriee thebill, if`pwasedint*-a law' would be h4ihl injurious toall your petitionerst, and to somne'iuinhui. - It -wartulatthesametiMe deprive esaniyclerkesof the employment they -new reecive Troamyour petitloners, and'wouldcdestroy tim system of insuraace, of'-agencv, and of -informnation, to which youim petitioners tiaTc before refein'eilj and if that vsytinm shouald bi dipCsed, it*a~d Vieq=tSg a URwtO Collect. ' - - That your petition mhope to be able tOustisfyy6 arddsbi*ihtha bymuomsof the sadlhl ifaedinto a la''t.v, he resent systeim ,of free tra-le and o comsein ol'edetoe,to establish Snitt imorn heizost dargerous species of. iio~opoly;~ ana that the zmsure sou.ght to be carrni is equahlkinciiisistent With, Principles ,atso'und polie anid with'tIme just -'jrotkiorin to whi'ch you'r-peem.- siocner are c,titled, -whiobivi entiredun6o? a pursuitof great Public blenefit, undeeithe "anction of 'an set <if Parliamien4at,l ave devoted zmay years of their respective Iiies to Acoquire the knhowle'dze aeces- wary to carry on their busineis, and who can neever -be. replaced in ithe situation in which- they formerly-were.- Youlr -petitioners tkere-~' fore rely confidently, and securely upon the Ihunanity arid justice of your- Lorisbips Yourpttitionmrsentreat thAt the said billniay stpass2ntO&IaW, aaii ttthy ayeherby-hmlvester coiunsel, agents;' WAn wInse,a orLrsi. br inst tje"lid bill. ed bsevralhunredUnderwrlters; Tbhe 'tissu of Cou twa7znteiby Ilusttke shehutof he lmoemy oa ~IkOENej' jmgIanog _ IBR UVDER WRITPRS OF LLOYD'S. , .O TIE XIGHT HOVOUJAILrETE LORDS SPIRITUAL AND ,,_ RALINPADRLXAlrExT ASSP3MILED.