Lloyds Had Queer Start: Really Founded by a London Coffee Shop Keeper and Has Vastly Grown, Daily Racing Form, 1922-08-03


view raw text

LLOYDS HAD QUEER START Really Founded by a London Coffee Shop Keeper and Has Vastly Grown. From a London coffee house keeper Lloyds, the great English insurance Institution, which virtually gambles in a worldwide way through horse, ship and miscellaneous insurance, derives it3 name. Toward the end of the seventeenth century those interested in shipping matters were accustomed to meet at a small coffee house in Tower street. This was kept by a man named Edward Lloyd, who subsequently removed to the corner of Abchurch Lane and Lombard street In 1696 Lloyd started a newspaper, which gave a list of ships arrivals and sailings, The newspaper, which he called "Lloyds List," succeeded until its founder published an article questioning a decision in the House of Lords. Edward Lloyd was censured and his paper was suppressed. It was not until thirty years later that he was allowed to re-establish it Since then "Lloyds List" has appeared regularly. The frequenters of Lloyds coffee house were not permitted to enjoy their monopoly of marine insurance for long, and in 1720 parliament allowed two other companies to be established in London. About one hundred years later there was a parliamentary inquiry into the monopoly enjoyed by Lloyds and these two companies. The house of commons decided that Lloyds had rendered such great service to the country by supplying the government with information regarding maritime matters that it should retain its privileges. Ten years later, however, an act was passed by which marine insurance was thrown open and since that date many othtr companies have been established. All candidates for membership at Lloyds have to deposit such security for their liabilities as may be required. This security at the present time amounts to over 0,000,000. There is a Lloyds agent at every port in the world, who transmits news of all shps that pass. At Lloyds a "Captains Register" is maintained, which gives the record of every British master-mariner, and there is also an inquiry office. i ! 1 . 5 5 1 t . 1 - C 3

Persistent Link: https://drf.uky.edu/catalog/1920s/drf1922080301/drf1922080301_2_6
Local Identifier: drf1922080301_2_6
Library of Congress Record: https://lccn.loc.gov/unk82075800