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running. Lloyd saw his chance in this also and got into touch with a number of correspondents abroad who gave him reliable information, which he placed at the disposal of the ship- owners and underwriters. In the year 1692 he moved to Lom- bard street, principally for the con- venience of the underwriters who were then nearly all connected with the big banking houses in some way. He does not seem to have lost very much of his purely shipping con- nection, although it was rather less convenient for the shipowners. As he succeeded, his boundless energy found expression in numerous ways and the coffeehouse offered facilities, first for selling ships and then for the auctioning of all kinds of mer- chandise. It was also a favorite ren- dezvous for the recovery of runaway slaves. His next venture was to start pub- lishing a shipping paper three times weekly, commencing in 1696. In those days, however, the publication of any sort of journal was regarded with a good deal of suspicion by the authori- ties and he soon found himself in trouble over it, trouble which resulted in its suppression for a time. How- ever, it was started again in 1726 and has continued publication reg- ularly ever since, an absolutely es- sential feature of modern shipping and marine insurance. In due course Edward Lloyd died, a man of substance who was held in very much greater respect than the majority of coffeehouse keepers of that day. The purchaser of his busi- ness was wise enough to keep on his name and traditions, and as un- derwriting became better organized the men concerned in it wanted more complete records than could _ be amassed by a private individual. So they began to collect them themselves, but still had them housed at the coffeehouse for general consultation. There were disadvantages to this scheme, for strangers could still wander in to drink coffee or to take a curious interest in the business pro- ceedings. It was not long before the underwriters realized that a pro- portion of these strangers came in to pick up information useful to them without payment, and in the year 1770 they decided to move into their own quarters nearby and to cut out the coffeehouse connection altogether. Unfortunately they made a most inconvenient choice and business was considerably hampered, so that finally it was decided to build or rent a “New Lloyd’s” for their own pur- poses. Most of the members of the fraternity had very modest ideas, and would be content with anything 34 a little more convenient and rovuiny than the premises they had acquired. There was one man however who took different views. John Julius An- gerstein, Russia merchant and art collector—incidentally his pictures formed the nucleus of the National Gallery in Trafalgar square, London —maintained that Lloyd’s was bound to grow and had infinite promise be- fore it if its members had sufficient courage to take advantage of their opportunities. On his own respon- sibility he rented very roomy and convenient quarters in the Royal ex- change, making himself responsible for what was regarded as the colos- sal rent of £180 per annum. At first his colleagues were inclined to object, but when they found that he was personally responsible for the rent, and that the deposits that they had put up would be returned to them, they took quite a different view. To begin with it was scarcely known: outside its own _ particular circle, and although it was primarily founded for the purpose of insuring shipping it is to be feared that all sorts of gambling policies occupied a very large part of the members’ time and attention. The lives of rebellious politicians and their chances of los- ing their heads at the block made an excellent gamble, as did also the life of the King, the chance of a govern- ment remaining in power, and a thousand other considerations. An- gerstein frowned on these activities and did a lot towards making the reputation of Lloyd’s a serious busi- ness proposition. The frowning pol- icy is still continued by the commit- tee, but plenty of gambling goes on in a very minor way—it is quite possible to insure against twins or rain during one’s summer vacation. With Angerstein at the helm, Lloyd’s went forward steadily and made a reputation for itself all over the world. © Foreign merchants in- sured their ships in London instead of locally, while the information that it collected and carefully collated be- came the mainstay of shipping as well as the marine insurance. The importance of full records and immediate information was realized more and more, and under a ‘central control a wonderful organization was built up. Lloyd’s was constantly able to give information to the govern- ment, even to the first news of its own victories, and soon came to be consulted on various naval matters, particularly on such things as con- voys which concerned merchant ship- ping as well. With these facilities marine insurance became more and more profitable and very large for- tunes were made. MARINE REVIEW—May, 1928 Underwriters interested themselves in anything to do with shipping and instituted a system of rewards for good service, the defense of ships against pirates or enemies, the -sal- vage of ships and cargoes, and par- ticularly fine seamanship. It was the members of Lloyd’s who did more than anybody else to make the life- boat possible, by granting the mone- tary aid and encouragement that was needed at the time. During the French wars the patriotic fund was started, granting hurt awards to sea- men and marines and looking after widows and dependents. It must be remembered that in those days the seaman for whom the navy had no further use, unless he was one of the lucky ones who got into Green- wich hospital, was simply turned adrift to fend for himself. So the corporation flourished, and in the revival of trade that followed some years after the end of the Napoleonic wars everybody connected with shipping prospered exceedingly. Then in 1838 they suffered a terrible blow, for in that year the Royal exchange was burnt down. Priceless records were lost and for some years marine insurance in London was carried on in temporary premises with the greatest difficulty and with the minimum of profit. 'There were considerable delays in the rebuilding of the exchange and it was not until 1844 that Lloyd’s was able to re- commence business with the whole eastern end of the building, the premises that they have only just vacated. It is interesting to note that al- though the underwriters were among the most progressive business men in the city, they took the greatest pains to maintain the tradition of their original premises when it came to furnishing their new quarters. <A large captains’ room was_ provided, in which master mariners could meet their owners at the end of a voyage and make their report, at the same time giving underwriters an oppor- tunity of meeting the captains of the ships which they were covering, which was then the principal influ- ence on the fixing of premiums. The master of a ship does not now count for much in business circles, and his name has even been dropped out of the register, with the result that the captains’ room has become purely a dining place for underwriters, and incidentally where they can go on talking “shop” and exchanging views and information. . Right up to the end it was furnished very much after the fashion™of* the o!d London chop-houses, divided into little al- (Continued, on Page 56)