A City writer of 1842 has sketched the chief celebrities of the Exchange of an earlier date. Mr. Salomon, with his old clothes-man attire, his close-cut grey beard, and his crutch-stick, toddling towards his offices in Shooter"s Court, Throgmorton Street; Jemmy Wilkinson, with his old-fashioned manner, and his long-tailed blue coat with gilt b.u.t.tons.
On the south and east sides of the Exchange are the arms of Gresham, the City, and the Mercers" Company, for heraldry has not even yet died out.
Over the three centre arches of the north front are the three following mottoes:--Gresham"s (in old French), "Fortun--a my;" the City, "Domine dirige nos;" the Mercers", "Honor Deo."
Surely old heraldry was more religious than modern trade, for the shoddy maker, or the owner of overladen vessels, could hardly inscribe their vessels or their wares with the motto "Honor Deo;" nor could the director of a bubble company with strict propriety head the columns of his ledger with the solemn words, "Domine dirige nos." But these are cynical thoughts, for no doubt trade ranks as many generous, honourable, and pious people among its followers as any other profession; and we have surely every reason to hope that the moral standard is still rising, and that "the honour of an Englishman" will for ever remain a proverb in the East.
The whole of the west end of the Exchange is taken up by the offices and board-rooms of the Royal Exchange a.s.surance Company, first organised in 1717, at meetings in Mercers" Hall. It was an amalgamation of two separate plans. The pet.i.tion for the royal sanction made, it seems, but slow way through the Council and the Attorney-General"s department, for the South Sea Bubble mania was raging, and many of the Ministers, including the Attorney-General himself (and who was indeed afterwards prosecuted), had shares in the great bubble scheme, and wished as far as possible to secure for it the exclusive attention of the company. The pet.i.tioners, therefore (under high legal authority), at once commenced business under the temporary t.i.tle of the Mining, Royal Mineral, and Batteries Works, and in three-quarters of a year insured property to the amount of nearly two millions sterling. After the lapse of two years, the Chancellor of the Exchequer, eager for the money to be paid for the charter, and a select committee having made a rigid inquiry into the project, and the cash lodged at the Bank to meet losses, recommended the grant to the House of Commons. The Act of the 6th George I., cap. 18, authorised the king to grant a charter, which was accordingly done, June 22nd, 1720. The "London a.s.surance," which is also lodged in the Exchange, obtained its charter at the same time. Each of these companies paid 300,000 to the Exchequer. They were both allowed to a.s.sure on ships at sea, and going to sea, and to lend money on bottomry; and each was to have "perpetual succession" and a common seal. To prevent a monopoly, however, no person holding stock in either of the companies was allowed to purchase stock in the other. In 1721, the "Royal Exchange a.s.surance" obtained another charter for a.s.surances on lives, and also of houses and goods from fire. In consequence of the depression of the times, the company was released from the payment of 150,000 of the 300,000 originally demanded by Government.
At the close of the last, and commencement of the present century, the monopolies of the two companies in marine a.s.surance were sharply a.s.sailed. Their enemies at last, however, agreed to an armistice, on their surrendering their special privileges, which (in spite of Earl Grey"s exertions) were at last annulled, and any joint-stock company can now effect marine a.s.surances. The loss of the monopoly did not, however, injure either excellent body of underwriters.
"Lloyd"s," at the east end of the north side of the Royal Exchange, contains some magnificent apartments, and the steps of the staircase leading to them are of Craigleath stone, fourteen feet wide. The subscribers" room (for underwriting) is 100 feet long, by 48 feet wide, and runs from north to south, on the east side of the Merchants"
Quadrangle. This n.o.ble chamber has a library attached to it, with a gallery round for maps and charts, which many a shipowner, sick at heart, with fears for his rich argosy, has conned and traced. The captains" room, the board-room, and the clerks" offices, occupy the eastern end; and along the north front is the great commercial room, 80 feet long, a sort of club-room for strangers and foreign merchants visiting London. The rooms are lit from the ceilings, and also from windows opening into the quadrangle. They are all highly decorated, well warmed and ventilated, and worthy, as Mr. Effingham Wilson, in his book on the Exchange, justly observes, of a great commercial city like London.
The system of marine a.s.surance seems to have been of great antiquity, and probably began with the Italian merchants in Lombard Street. The first mention of marine insurance in England, says an excellent author, Mr. Burgon, in his "Life of Gresham," is in a letter from the Protector Somerset to the Lord Admiral, in 1548 (Edward VI.), still preserved.
Gresham, writing from Antwerp to Sir Thomas Parry, in May, 1560 (Elizabeth), speaks of armour, ordered by Queen Elizabeth, bought by him at Antwerp, and sent by him to Hamburg for shipment (though only about twelve ships a year came from thence to London). He had also adventured at his own risk, one thousand pounds" worth in a ship which, as he says, "I have caused to be a.s.sured upon the Burse at Antwerp."
The following preamble to the Statute, 43rd Elizabeth, proves that marine a.s.surance was even then an old inst.i.tution in England:--
"Whereas it has been, time out of mind, an usage among merchants, both of this realm and of foreign nations, when they make any great adventures (specially to remote parts), to give some considerable money to other persons (which commonly are no small number) to have from them a.s.surance made of their goods, merchandize, ships, and things adventured, or some part thereof, at such rates, and in such sorts as the parties a.s.surers and the parties a.s.sured can agree, which course of dealing is commonly termed a policy of a.s.surance, by means of which it cometh to pa.s.s upon the loss or perishing of any ship, there followeth not the undoing of any man, but the loss lighteth rather easily upon many, than heavy upon few; and rather upon them that adventure not, than upon them that adventure; whereby all merchants, specially the younger sort, are allowed to venture more willingly and more freely."
In 1622, Malynes, in his "Lex Mercatoria," says that all policies of insurance at Antwerp, and other places in the Low Countries, then and formerly always made, mention that it should be in all things concerning the said a.s.surances, as it was accustomed to be done in Lombard Street, London.
In 1627 (Charles I.), the marine a.s.surers had rooms in the Royal Exchange, as appears by a law pa.s.sed in that year, "for the sole making and registering of all manners of a.s.surances, intimations, and renunciations made upon any ship or ships, goods or merchandise in the Royal Exchange, or any other place within the City of London;" and the Rev. Samuel Rolle, in his "CX. Discourses on the Fire of London,"
mentions an a.s.surance office in the Royal Exchange, "which undertook for those ships and goods that were hazarded at sea, either by boistrous winds, or dangerous enemies, yet could not secure itself, when sin, like Samson, took hold of the pillars of it, and went about to pull it down."
After the Fire of London the underwriters met in a room near Cornhill; and from thence they removed to a coffee-house in Lombard Street, kept by a person named Lloyd, where intelligence of vessels was collected and made public. In a copy of _Lloyd"s List_, No. 996, still extant, dated Friday, June 7th, 1745, and quoted by Mr. Effingham Wilson, it is stated: "This List, which was formerly published once a week, will now continue to be published every Tuesday and Friday, with the addition of the Stocks, course of Exchange, &c. Subscriptions are taken in at three shillings per quarter, at the bar of Lloyd"s coffee-house in Lombard Street." _Lloyd"s List_ must therefore have begun about 1726.
[Ill.u.s.tration: INTERIOR OF LLOYD"S.]
In the _Tatler_ of December 26th, 1710, is the following:--"This coffee-house being provided with a pulpit, for the benefit of such auctions that are frequently made in this place, it is our custom, upon the first coming in of the news, to order a youth, who officiates as the Kidney of the coffee-house, to get into the pulpit, and read every paper, with a loud and distinct voice, while the whole audience are sipping their respective liquors."
The following note is curious:--"11th March, 1740.--Mr. Baker, master of Lloyd"s Coffee-house, in Lombard Street, waited on Sir Robert Walpole with the news of Admiral Vernon"s taking Portobello. This was the first account received thereof, and, proving true, Sir Robert was pleased to order him a handsome present." (_Gentleman"s Magazine_, March, 1740.)
The author of "The City" (1845) says: "The affairs of Lloyd"s are now managed by a committee of underwriters, who have a secretary and five or six clerks, besides a number of writers to attend upon the rooms. The rooms, three in number, are called respectively the Subscribers" Room, the Merchants" Room, and the Captains" Room, each of which is frequented by various cla.s.ses of persons connected with shipping and mercantile life. Since the opening of the Merchants" Room, which event took place when business was re-commenced at the Royal Exchange, at the beginning of this year, an increase has occurred in the number of visitors, and in which numbers the subscribers to Lloyd"s are estimated at 1,600 individuals.
[Ill.u.s.tration: THE SUBSCRIPTION-ROOM AT "LLOYD"S." _From an Old Print._]
"Taking the three rooms in the order they stand, under the rules and regulations of the establishment, we shall first describe the business and appearance of the Subscribers" Room. Members to the Subscribers"
Room, if they follow the business of underwriter or insurance broker, pay an entrance fee of twenty-five guineas, and an annual subscription of four guineas. If a person is a subscriber only, without practising the craft of underwriting, the payment is limited to the annual subscription fee of four guineas. The Subscribers" Room numbers about 1,000 or 1,100 members, the great majority of whom follow the business of underwriters and insurance brokers. The most scrupulous attention is paid to the admission of members, and the ballot is put into requisition to determine all matters brought before the committee, or the meeting of the house.
"The Underwriters" Room, as at present existing, is a fine s.p.a.cious room, having seats to accommodate the subscribers and their friends, with drawers and boxes for their books, and an abundant supply of blotting and plain paper, and pens and ink. The underwriters usually fix their seats in one place, and, like the brokers on the Stock Exchange, have their particular as well as casual customers.
""Lloyd"s Books,"" which are two enormous ledger-looking volumes, elevated on desks at the right and left of the entrance to the room, give the princ.i.p.al arrivals, extracted from the lists so received at the chief outposts, English and foreign, and of all losses by wreck or fire, or other accidents at sea, written in a fine Roman hand, sufficiently legible that "he who runs may read." Losses or accidents, which, in the technicality of the room, are denominated "double lines," are almost the first read by the subscribers, who get to the books as fast as possible, immediately the doors are opened for business.
"All these rooms are thrown open to the public as the "Change clock strikes ten, when there is an immediate rush to all parts of the establishment, the object of many of the subscribers being to seize their favourite newspaper, and of others to ascertain the fate of their speculation, as revealed in the double lines before mentioned."
Not only has Lloyd"s--a mere body of merchants--without Government interference or patronage, done much to give stability to our commerce, but it has distinguished itself at critical times by the most princely generosity and benevolence. In the great French war, when we were pushed so hard by the genius of Napoleon, which we had unwisely provoked, Lloyd"s opened a subscription for the relief of soldiers" widows and orphans, and commenced an appeal to the general public by the gift of 20,000 Three per Cent. Consols. In three months only the sum subscribed at Lloyd"s amounted to more than 70,000. In 1809 they gave 5,000 more, and in 1813 10,000. This was the commencement of the Patriotic Fund, placed under three trustees, Sir Francis Baring, Bart., John Julius Angerstein, Esq., and Thomson Bonar, Esq., and the subscriptions soon amounted to more than 700,000. In other charities Lloyd"s were equally munificent. They gave 5,000 to the London Hospital, for the admission of London merchant-seamen; 1,000 for suffering inhabitants of Russia, in 1813; 1,000 for the relief of the North American Militia (1813); 10,000 to the Waterloo subscription of 1815; 2,000 for the establishment of lifeboats on the English coast.
They also inst.i.tuted rewards for those brave men who save, or attempt to save, life from shipwreck, and to those who do not require money a medal is given. This medal was executed by W. Wyon, Esq., R.A. The subject of the obverse is the sea-nymph Leucothea appearing to Ulysses on the raft; the moment of the subject chosen is found in the following lines:--
"This heavenly scarf beneath thy bosom bind, And live; give all thy terrors to the wind."
The reverse is from a medal of the time of Augustus--a crown of fretted oak-leaves, the reward given by the Romans to him who saved the life of a citizen; and the motto, "Ob cives servatos." By the system upon which business is conducted in Lloyd"s, information is given to the insurers and the insured; there are registers of almost every ship which floats upon the ocean, the places where they were built, the materials and description of timber used in their construction, their age, state of repair, and general character. An index is kept, showing the voyages in which they have been and are engaged, so that merchants may know the vessel in which they entrust their property, and a.s.surers may ascertain the nature and value of the risk they undertake. Agents are appointed for Lloyd"s in almost every seaport in the globe, who send information of arrivals, casualties, and other matters interesting to merchants, shipowners, and underwriters, which information is published daily in _Lloyd"s List_, and transmitted to all parts of the world. The collection of charts and maps is one of the most correct and comprehensive in the world. The Lords of the Admiralty presented Lloyd"s with copies of all the charts made from actual surveys, and the East India Company was equally generous. The King of Prussia presented Lloyd"s with copies of the charts of the Baltic, all made from surveys, and printed by the Prussian Government. Masters of all ships, and of whatever nation, frequenting the port of London, have access to this collection.
Before the last fire at the Exchange there was, on the stairs leading to Lloyd"s, a monument to Captain Lydekker, the great benefactor to the London Seamen"s Hospital. This worthy man was a shipowner engaged in the South Sea trade, and some of his sick sailors having been kindly treated in the "Dreadnought" hospital ship, in 1830, he gave a donation of 100 to the Society. On his death, in 1833, he left four ships and their stores, and the residue of his estate, after the payment of certain legacies. The legacy amounted to 48,434 16s. 11d. in the Three per Cents., and 10,295 11s. 4d. in cash was eventually received. The monument being destroyed by the fire in 1838, a new monument, by Mr.
Sanders, sculptor, was executed for the entrance to Lloyd"s rooms.
The remark of "a good book" or "a bad book" among the subscribers to Lloyd"s is a sure index to the prospects of the day, the one being indicative of premium to be received, the other of losses to be paid.
The life of the underwriter, like the stock speculator, is one of great anxiety, the events of the day often raising his expectations to the highest, or depressing them to the lowest pitch; and years are often spent in the hope for acquisition of that which he never obtains. Among the old stagers of the room there is often strong antipathy expressed against the insurance of certain ships, but we never recollect its being carried out to such an extent as in the case of one vessel. She was a steady trader, named after one of the most venerable members of the room, and it was a most curious coincidence that he invariably refused to "write her" for "a single line." Often he was joked upon the subject, and pressed "to do a little" for his namesake, but he as frequently denied, shaking his head in a doubtful manner. One morning the subscribers were reading the "double lines," or the losses, and among them was the total wreck of this identical ship.
There seems to have been a regret on the first opening of the Exchange for the coziness and quiet comfort of the old building. Old frequenters missed the firm oak benches in the old ambulatoria, the walls covered with placards of ships about to sail, the amusing advertis.e.m.e.nts and lists of the sworn brokers of London, and could not acquire a rapid friendship for the encaustic flowers and gay colours of the new design.
They missed the old sonorous bell, and the names of the old walks.
CHAPTER XLIV.
NEIGHBOURHOOD OF THE BANK:--LOTHBURY.
Lothbury--Its Former Inhabitants--St. Margaret"s Church--Tokenhouse Yard--Origin of the Name--Farthings and Tokens--Silver Halfpence and Pennies--Queen Anne"s Farthings--Sir William Petty--Defoe"s Account of the Plague in Tokenhouse Yard.
Of Lothbury, a street on the north side of the Bank of England, Stow says: "The Street of Lothberie, Lathberie, or Loadberie (for by all those names have I read it), took the name as it seemeth of _berie_, or _court_, of old time there kept, but by whom is grown out of memory.
This street is possessed for the most part by founders that cast candlesticks, chafing dishes, spice mortars, and such-like copper or laton works, and do afterwards turn them with the foot and not with the wheel, to make them smooth and bright with turning and scratching (as some do term it), making a loathsome noise to the by-pa.s.sers that have not been used to the like, and therefore by them disdainfully called Lothberie."
"Lothbury," says Hutton (Queen Anne), "was in Stow"s time much inhabited by founders, but now by merchants and warehouse-keepers, though it is not without such-like trades as he mentions."
Ben Jonson brings in an allusion to once noisy Lothbury in the "Alchemist." In this play Sir Epicure Mammon says:--
This night I"ll change All that is metal in my house to gold; And early in the morning will I send To all the plumbers and the pewterers, And buy their tin and lead up; and to Lothbury For all the copper.
_Surly._ What, and turn that too?
_Mammon._ Yes, and I"ll purchase Devonshire and Cornwall, And make them perfect Indies.
And again in his mask of "The Gipsies Metamorphosed"--
Bless the sovereign and his seeing.
From a fiddle out of tune, As the cuckoo is in June, From the candlesticks of Lothbury And the loud pure wives of Banbury.
Stow says of St. Margaret"s, Lothbury: "I find it called the Chappel of St. Margaret"s de Lothberie, in the reign of Edward II., when in the 15th of that king"s reign, license was granted to found a chauntry there. There be monuments in this church of Reginald Coleman, son to Robert Coleman, buried there 1383. This said Robert Coleman may be supposed the first builder or owner of Coleman Street; and that St.
Stephen"s Church, there builded in Coleman Street, was but a chappel belonging to the parish church of St. Olave, in the Jewry." In niches on either side of the altar-piece are two flat figures, cut out of wood, and painted to represent Moses and Aaron. These were originally in the Church of St. Christopher le Stocks, but when that church was pulled down to make way for the west end of the Bank of England, and the parish was united by Act of Parliament to that of St. Margaret, Lothbury (in 1781), they were removed to the place they now occupy. At the west end of the church is a metal bust inscribed to Petrus le Maire, 1631; this originally stood in St. Christopher"s, and was brought here after the fire.
This church, which is a rectory, seated over the ancient course of Walbrook, on the north side of Lothbury, in the Ward of Coleman Street (says Maitland), owes its name to its being dedicated to St. Margaret, a virgin saint of Antioch, who suffered in the reign of Decius.