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. "The introduction and amazing progress of illicit gaming at Lloyd's Coffee House is, among others, a powerful and very melancholy proof of the degeneracy of the times. It is astonishing that this practice was begun, and has been, hitherto, carried on, by the matchless effrontery and impudence of one man. It is equally so, that he has met with so much encouragement from many of the principal underwriters, who are, in every other respect, useful members of society and it is owing to the lenity of our laws, and want of spirit in the present administration, that this pernicious practice has not, hitherto, been suppressed. Though gaming in any degree (except what is warranted by law) is perverting the original and useful design of that Coffee House, it may, in some measure, be excuseable to speculate on the following subjects: : Mr Wilkes being elected Member for London, which was done from 5 to 50 guineas per cent. Ditto for Middlesex, from 20 to 70 guineas per cent. Alderman B―d's life for one year, now doing at 7 per cent. On Sir J H— being turned out in one year, now doing at 20 guineas per cent. On John Wilkes's life for one year, now doing at 5 per cent. N.B. Warranted to remain in prison during that period. On a declaration of war with France or Spain, in one year, 8 guineas per cent. And many other innocent things of that kind. But, when policies come to be opened on two of the first Peers in Britain losing their heads, within a year, at 10s. 6d. per cent.; and on the dissolution of the present Parliament, within one year, at 5 guineas per cent., which are now actually doing, and underwrote chiefly by Scotsmen, at the above Coffee House; it is surely high time for administra tion to interfere; and, by exerting the rigours of the laws against the authors and encouragers of such insurances (which must be done for some bad purpose), effectually put a stop to it."" In the secretary's room at Lloyd's hangs the following policy:" In consideration of three guineas for one hundred pounds, and according to that rate for every greater or less sum received of William Dorrington; we, who have hereunto subscribed our names, do for ourselves, and our respective heirs, executors, administrators, and assigns, and not one for the other or others of us; or for the heirs, executors, administrators and assigns of the other or others of us, assume, engage and promise that we respectively, or our several and respective heirs, executors, administrators, and assigns, shall and will pay, or cause to be paid, unto the said William Dorrington the sum and sums of money which we have hereunto respectively subscribed without any abatement whatever. "In case Napoleon Bonaparte shall cease to exist, or be taken prisoner on, or before, the 21st day of June 1813, commencing from this day. London 21 May 1813." Although originally intended for the Insurance of Marine risks only, other policies can be taken out at Lloyd's-such as Fire; against Burglary-although this was also insured against during the South Sea Mania, under the title of Insurance from housebreakers"; against any lady having twins. À propos of this, there was an underwriter, some years ago, at Lloyd's, named Thornton-who was fond of writing speculative risks, especially overdue ships, and who died very wealthy. He had a bet with a fellow underwriter —that he should pay him £1000 for every child the Queen bore; but, if there should be twins, at any time, then Mr Thornton was to be paid £20,000. Insuring that a race horse shall run in a particular race; on interest under a will; employer's liability to workmen; accidents by tramcars; solvency of commercial firms; earthquakes; and during the six months preceding the Queen's Jubilee of 20th June 1897 a vast amount was underwritten, guaranteeing the Queen's life till that date-and also assuring that she should pass through certain streets. But these policies are not recognised by the Committee, and, should the underwriter fail, they do not rank for dividend out of the caution money held by the Corporation. Besides Lloyd's Association, where each Member underwrites the amount he chooses, there are Marine Insurance Companies, which are of great utility for the large sums they underwrite. These are not all English, there are many foreign Marine Insurance Companies having Offices in London, as may be seen by the following list, which is very far from being complete :-Baden Marine, Bavarian Lloyd Marine, Boston Marine, Canton Marine, German Marine, Italia Marine of Genoa, Nippon Sea and Land, North China, Rhenish Westphalian Lloyds, Switzerland Insurance, Yangtze Insurance Association, &c., &c., &c. The first English Marine Insurance Companies were the Royal Exchange and the London, both established in 1720. Insurance against Fire began the year following the Great Fire of London (1666), and the first Company for Assurance against Fire was the Phoenix, established about 1682, first at the Rainbow Coffee House, in Fleet Street, and, afterwards, near the Royal Exchange. Their system was to pay 30s. down, and insure £100 for seven years. The second was The Friendly Society, in Palsgrave Court, without Temple Bar, which was the first (in 1684) that insured by mutual contribution, where you could insure £100 for seven years by paying 6s. 8d. down and an annual subscription of Is. 4d. And, thirdly, The Amicable Contributors, at Tom's Coffee House in St Martin's Lane (commenced about 1695), where a payment of 12s. would insure £100 for seven years, at the expiration of which time IOS. would be returned to the assured. This Society seems to have changed its name to the Hand in Hand Fire Office, who gave up their two establishments, at Tom's Coffee House, and the Crown Coffee House, behind the Exchange, to more suitable premises in Angel Court, Snow Hill, and notified the change in the Gazette of 1st Jan. 1714. This Insurance Company (The Amicable) is generally considered to be the first institution for the Insurance of Lives, although Life Annuities had been in practice for a long time, but a writer in Chambers' Encyclopædia (Vol. vi., p. 175, ed. 1895) says that it did not begin life business until 1836. The same writer continues: "The earliest known Life Assurance Company was established in 1699, and called the 'Society of Assurance for Widows and Orphans.' This was what, now, would be called an Assessment Company. It did not guarantee a definite sum assured, in consideration of a fixed periodical premium; but, by its constitution it was to consist, when full, of 2000 members, who were to contribute 5s. each towards every death that occurred amongst the members. "The earliest life assurance policy, of which particulars have been preserved, was made on 15th June 1583, at the 'Office of Insurance within the Royal Exchange,' in London. Full details of this Policy have been preserved, because it gave rise to the first authentic disputed claim. The policy was for £383, 6s. 8d., to be paid to Richard Martin, in the event of William Gybbons dying within twelve months, and the policy was underwritten by thirteen different persons who guaranteed sums of from £25 to £50 each. The premium was at the rate of 8 per cent. William Gybbons died on the 28th May 1584, and the underwriters refused to pay because he had survived twelve months of twentyeight days each. The Commissioners appointed to determine such cases, held that the twelve months mentioned in the policy meant one full year, and they ordered the underwriters to pay. These appealed to the Court of Admiralty, which had jurisdiction in such cases, and where, in 1587, two judges upheld the decision of the Commissioners, so that, eventually, the underwriters had to pay." Mr Francis1 tells us of the first known fraud in Life 1 "Annals, Anecdotes, and Legends of Life Assurance." John Francis. 1853: Lon. Assurance. "About 1730, two persons resided in the then obscure suburbs of St Giles's, one of whom was a woman of about twenty, the other, a man, whose age would have allowed him to be the woman's father, and who was, generally understood to bear that relation. Their position hovered on the debatable ground between poverty and competence, or might even be characterised by the modern term of shabby genteel. They interfered with no one, and they encouraged no one to interfere with them. No specific personal description is recorded of them, beyond the fact that the man was tall and middle aged, bearing a semimilitary aspect, and that the woman, though young and attractive in person, was, apparently, haughty and frigid in her manner. On a sudden, at night time, the latter was taken very ill. The man sought the wife of his nearest neighbour for assistance, informing her that his daughter had been seized with sudden and great pain at the heart. They returned together, and found her in the utmost apparent agony, shrinking from the approach of all, and dreading the slightest touch. The leech was sent for; but, before he could arrive, she seemed insensible, and he only entered the room in time to see her die. The father appeared in great distress, the doctor felt her pulse, placed his hand on her heart, shook his head, as he intimated all was over, and went his way. The searchers came, for those birds of ill-omen were, then, the ordinary haunters of the death-bed, and the coffin, with its contents, was committed to the ground. Almost immediately after this, the bereaved father claimed from the underwriters some money which was insured on his daughter's life, left the locality, and the story was forgotten. "Not very long after, the neighbourhood of Queen Square, then a fashionable place, shook its head at the somewhat unequivocal connection that existed between one of the inmates of a house in that locality, and a lady who resided with him. The gentleman wore moustaches, and though not young, affected what was then known as the Macaroni |