England -- Social life and customs; Gambling -- Great Britain
The origin of the present Corporation of Lloyd’s was in the Coffee
House of Edward Lloyd, who, in 1688, lived in the very busy commercial
thoroughfare of Tower Street, as appears from an advertisement in the
_London Gazette_ of 18/21 Feb. 1688, relating to a robbery. In 1691 or
1692 he moved to a more central situation, at the Corner of Abchurch
Lane and Lombard Street, where, in the summer of 1696, he started the
famous _Lloyd’s News_, of which the Bodleian Library has a complete
set, with the exception of the first seven numbers. It only reached
seventy-six numbers, when it was discontinued for the reason given in
No. 138 of the _Protestant Mercury_, Feb. 24/26, 1696 (1697). “Whereas,
in _Lloyd’s News_ of the 23rd instant, it was inserted, That the House
of Lords Received a Petition from the Quakers, that they may be freed
from all Offices, which being groundless and a mistake, he was desired
to rectifie it in his next: But return’d for Answer, it was added by
the Printer, that he would Print no more at present.” And it remained
in abeyance till 1726, when it was resuscitated under the title of
_Lloyd’s List_, a name which it now bears.
Lloyd’s Coffee House served its purpose to the Underwriters for a time,
but they found it inconvenient, and wanted a place of their own, so
they took rooms in Pope’s Head Alley, which they called New Lloyd’s
Coffee House, whilst they were looking out for suitable permanent
premises. Here, towards the end of 1771, seventy-nine Underwriters met,
and each subscribed £100 towards building a “New Lloyd’s.” After a
considerable amount of house hunting, it was reported by the Committee,
on Nov. 24, 1773, “that after many fruitless researches to obtain a
Coffee House in Freeman’s Court and other places, they had succeeded
with the Mercer’s Company for a very roomy and convenient place over
the North West Side of the Royal Exchange, at the rent of £180 per
annum”: and this selection being approved of, they moved into their
new quarters on 5th March 1774. There they have abode ever since,
except for a brief period when the Exchange was re-building after its
destruction by fire in 1838.
The underwriters did not always confine themselves to marine risks.
Malcolm, writing in 1808, says: “The practice of betting is tolerably
prevalent at present, and by no means confined to any particular class
of the community. In fact, I am afraid it might be traced very far
back in the history of our Customs; but it will be sufficient, for the
information of the reader, that I present him with an article from the
_London Chronicle_ of 1768, which, I think, will remind him of some
recent transactions in the City.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account