‘I shall forbear relating the various scenes of business I was engaged in prior to my embarking in Lloyd’s Rooms; sufficient it is to remark that a very extensive trade I entered into at the early age of seventeen, when my father died, rewarded a strong spirit of industry, and, for the first ten or twelve years, with a satisfactory increase of fortune; but a number of inconsiderable dealers, by undermining the fair trader, and other dishonourable practices, reduced the profits, and made them inadequate to the risque and capital employed. It happened unfortunately for me, about that time, some policy brokers, who had large orders for insurances on foreign Indiamen and other adventures, found their way to the Coal Market, a building of which I was the principal planner and manager. ‘I was accustomed, with a few others, to underwrite the vessels particularly employed in that trade, and success attended the step, because the risque was fair, and the premiums adequate. This was my temptation for inclining to their solicitations of frequenting Lloyd’s Rooms.[40] With great reluctance I complain that I quitted a trade where low art and cunning combated the fair principles of commerce, which my mind resisted as my fortune increased; but from the change I had to encounter deception and fraud, in a more dangerous but subtle degree. ‘The misfortunes of the war were of great magnitude to the Underwriters, but they were considerably multiplied by the villainy and depravity of Mankind. In the year 1776, at a time when they received only peace premiums, American privateers swarmed on the seas, drove to desperation by the Boston port act passing at the close of the preceding year, to prohibit their fisheries, and our trade fell a rapid prey before government had notice to apply the least protection. Flushed with success, it increased the number of their armed vessels, and proved such a source of riches as enabled them to open a trade with France, who had, hitherto, been only a silent spectator, and produced the sinews of a war which then unhappily commenced.’ He then details the causes which led to his bankruptcy--how the wars with the French, Spaniards, and Dutch, all of whom had their men-of-war and privateers, which preyed upon our commerce, ruined the underwriters, and continues, ‘In two years only of the war I lost, on a balance, thirty-one thousand pounds, which obliged me, in 1781, to quit the Coal Trade, after carrying it on so many years, when I had returned’ (? turned over) ‘above a Million of money, the profits of which have been sunk as an Underwriter, that I might have the use of my capital employed in it, to pay my unfortunate losses.... Last year, I was obliged to make a sacrifice of my desirable habitation at Battersea Rise, where I had resided ten years, and expended a considerable sum of money, the fruits of many years of industry, before I became acquainted with Lloyd’s Rooms.