The Industrial Revolution

Bibliographic data

Monograph

Identifikator:: 1027928145

URN:: urn:nbn:de:zbw-retromon-159926

Document type:: Monograph

Author:: Cunningham, William http://d-nb.info/gnd/128907487

Title:: The Industrial Revolution

Place of publication:: Cambridge

Publisher:: The University Press

Year of publication:: 1922

Scope:: xxii S., S. 404-886

Digitisation:: 2021

Collection:: Economics Books

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A.D. 1689 —1776., ad been rganised under Rlizabeth 90 PARLIAMENTARY COLBERTISM London in 1574, when a patent was issued for giving a sertain Richard Candler the sole right to register policies and instruments of insurance’. Subsequently a mixed com- mission of merchants and lawyers was established to deal with cases arising out of this business? But their juris- diction gave little satisfaction, and the commission was modified soon after the Restoration. Fire insurance was developing* and tentative experiments were being made in life insurance® in the latter part of the seventeenth century. 1 Stow, Survey, vol. m. bk. v. 242. For a curious dispute in 1572, see Hall, Society in the Elizabethan Age, 57. Compare also the patent for an office for the agsurance of merchandise granted in 1634. Hist. MSS. Comm.1. 34 (b). * 43 Eliz. c. 12. 8 14 C. II. c. 23. + The successive steps that were taken are detailed by & contemporary: “I find shis design was first set on foot immediately after His Majesty's Restoration by several persons of quality, and eminent citizens of London, and Proposals about it then printed by them. But tho the Project and Authors of it were then recom- znended to the Common Council of London by his Majesty's letters, yet it was not wdmitted by them, for the very same reason for which those Gentlemen now are aot to be countenanced in it; viz. because they thought it impossible for Private Jersons to manage, and unreasonable that they and not the City should reap the 2rofits of such an undertaking, Hereupon this Design, like some Rivers that sink into the Ground, and break not out again, but at a considerable distance, was 10 more heard of till the year 1670, when it was afresh propounded to the city by Mir De Laun, tho not prosecuted by them. However in the Mayorality of Sir W. Hooker it was briskly revived by Mr Newbold the Merchant, who proposed the sarrying it on by a Joint Stock to be raised among the Inhabitants and Proprietors »f the Houses to be insured. This he communicated to the Lord Mayor, and livers other eminent Citizens. From some of these like an Eves-dropper, this Observator caught it; it being then generally discussed and approved of and -esolved to be put in practice. * * Mr Newbold therefore waiting for a more favourable conjunction found it not till the Majorality of Sir Robert Clayton to whom on New Year's Day Anno 7§ Le presented the Model of it, and sometime after printed it under the title ¢ London's Improvement and the Builder's Security.’ Brit. Mus. 816. m. 10 (64).] Sir Robert Clayton approved of the matter, only \dvised that instead of a joint stock it should be managed by the Chamber of London.” A second letter to Mr M. T. by L. R., Brit. Mus. 816. m. 10 (80). \Vithin a short time three fire insurances were started; one was managed by a» committee of the Common Council, and was opened in December 1681; “but this would not take.” The Fire Office at the Back side of the Royal Exchange began business a month earlier, and three years later a Friendly Society was started for doing similar business but on a different principle. The re- spective advantages of these various offices, the rates they charged [Brit. Mus. 816. m, 10 (71 and 78)], and the security they offered, were the object of a good deal of discussion, in which the respective advantages of municipal action and of private enterprise were freely canvassed. See 4 letter to a Gentle- nan in the country by N B. attributed by Dr Bauer to Barbon. He preferred che Fire Office to the Friendly Society and called forth a defence of the latter from H. 8. [Brit. Mus. 816. m. 10 (74, 75). % During the Mayoralty of Sir William Hooker there were tentative efforts at organising Life Insurance. A ceriain Mr Wagstaffe laid his scheme before the

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