Annals, Anecdotes and Legends: A Chronicle of Life Assurance — John Shaqi
Annals, Anecdotes and Legends: A Chronicle of Life AssuranceFrancis, John, of the Bank of England
History
Annals, Anecdotes and Legends: A Chronicle of Life Assurance
Francis, John, of the Bank of England
Life insurance
When this petition was referred to the Crown lawyers the Amicable
employed counsel to oppose it, and a vigorous warfare was carried on.
Rejecting with scorn the idea of any rival being of use to the world,
and pointing to its own venerable standing of fourteen years, the
Amicable called the new company a “company of upstarts.” The latter
retorted that its opponents had grown old and supine, and that the
safety of the entire commercial world depended on their success; that,
having a large capital, there would be a greater security than in a
society like the Amicable; and they backed their argument with bribes
to all who could be supposed to have any interest. Their arguments and
their bribes, however, were futile, and they missed their object.
Even the Royal Exchange and London Corporation did not escape the
charge of having attempted to forward their interests by fees
disproportioned to the services which were sought. The age at which we
have arrived was the age of corruption. Whispers passed through every
coffee-house in the city that the Right Honourable Nicholas Lechmere
was accused of betraying the trust reposed in him, and that some
persons concerned in various undertakings had endeavoured to obtain
charters by corruption and other undue practices. These reports were
attributed at the time to the private assurers, who were by no means
pleased at so formidable a rivalry. The proper degree of indignation
having been exhibited by the Right Honourable gentleman, the rumour was
found to have emanated from Sir William Thompson, who broadly asserted
that very unjustifiable methods had been taken by one Bradley and
Billinghurst in order to obtain a charter for Lord Onslow’s Assurance
Company; that large sums of money had been received by his Majesty’s
Attorney-General, contrary to his duty, to influence him in his
opinion; and that there were public biddings for these charters, as if
at an auction, in the chambers of the Attorney-General. Such assertions
being somewhat damaging to the character of an official gentleman,
the committee appointed to inquire into “petitions for companies for
insurance, annuities, &c. &c.,” instituted a minute inquiry. As all
the witnesses represented some proposed company, they were unanimous
in asserting its virtue. Not one of them ever dreamed of offering Mr.
Attorney more than his legal fee. Not one of them was not content to
rest the success of his case on its singular merits only.
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