LLOYDS' SOLVENCY.

Taranaki Daily News, Volume LII, Issue 60, 5 April 1909, Page 2

LLOYDS' SOLVENCY.

EMINENTLY SATISFACTORY REPORT.

Deceived ■(, -1.15 |i.m. Lonodii. April a. In consequence of criticism. Lloyds' members submitted to an ollk-ial audit am. as a ''-"''MIS per cent, have been certihed as pod for „][ their liabilities. Hie audit shows thitt »■,<. niillio-.is sterling lias been deposited with the com--11111 tee by members as security for contingent liabilities.

LLOYD'S. This world-famous institution takes its name and derives its origin from a coffee-house established hi Tower Street by. one Edward Lloyd towards the end of the lithe century and removed in Kite to the corner of Lombard Street and Abchnrch Lnnc. In 1773 the brokers and underwriters frequenting the house, to the number of 7!>, took "rooms on the north-west side of the Royal Exchange, where ever since this great Institution has been established. In 1870 an Act of Incorporation was applied for, and obtained in 1871. The objects were described as being (1) the carrying on of the business of marine insurance by members of the society., (2) the protection of the interests 'of menihens of the society in respect oi shipping and cargoes and freight, nnd (3) the collection, publication, and diffusion of intelligence and information. To curry out the third object Lloyd's has a staff of about I.iOO agents in all parts of the world constantly reporting ' to headquarters, where clerks are employed both day and night. Lloyd's also 'maintains an extensive system of signal stations for reporting vessels, etc.. which is. of great benefit to the shipping community. An inquiry olliee is also maintained, where the relations of .crew or passengers may obtain, witbonl cost, information concerning the movements of the vessel in which they arc interested. In addition to ''Lloyd's List,'' the Corporation publish ''Lloyd's Weekly Shipping Index" every Thursday. 'Lloyd's Calendar" annually, and ''Lloyd'* Book o't House Wag* and Funnels. - ' A "Captains' Register" is kept, consisting "of a biographical dictionary of all the certificated commanders of the British mercantile marine, about '2J.000 in all. The record of losses is kept in the "Loss Book." . The medal of the Society is presented to those who have, by extraordinary exertions, contributed to the saving of life at sea; and the Medal for Meritorious Service is granted to officers' and others who. by extraordinary exertions, have contributed to the. preservation of vessels or cargoes. Tn 1803 ''Lloyd's Patriotic Fund" was established for the relief of sailors-and soldiers, their relatives and dependants, who suffered in the great war. This fund is still administered by trustees, the majority of whom are members oi Lloyd's, the chairman being Mr. Herbert de l!n'i...n,.nt. Lloyd's is. of course, o •<]■■ '" members and subscribers. .Member•Lloyd's may be either underwriting or non-underwriting members. There arc also subscribers and associates. IV (Jorwriters are required (o deposit with Hn> committee in respect of liabilities incurred on account, of marine and .Jransport, risks at least CiOOO in approved securities, the dividends on •which are received bv the depositor. The committee haveSal'so.adopted a system under which separate security, applicable only to claims on fire policies, and other policies not covering marine and transport risk*, is required from members on their admission, and members who engage in such business, and who were elected before the adoption <if this system, have generally furnished similar security. They are also required to pnv an entrance fee, and an annual subscription of C2l. But Uuise members elected prior to December 31s(, ISII2. only pay nu annual suliscription of tlfl Ills. Non-underwriting members are exempted from the deposit, but pay an entrance fee, and an annual subscription of C 7 "s. Subscribers pay annually i" "s. and associates to .Is. .