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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MARINE INSURANCE 191 We hear very little of such activity in marine insurance till the AD Im sime of George 1}, when more than one attempt was made to form a Company to carry on the business with a joint stock. In 1720 two schemes, which were pushed in concert but under and was ’ x . 3 “ developed the guise of competition, succeeded in procuring sanction from vy the Parliament? and the London Assurance Corporation and Royal Sa City authorities, who thought so highly of the project that they appointed a select sommittea to carry it into effect. Subscribers of £20 each, or of multiples of £20, were to be associated according to their ages; each subscriber was to have an annuity at the rate of 6 per cent., and as some of the subsczibers died off, the yurvivors would obtain proportionally increased annuities. “This extraordinary gain being not only lawful but very advantageous, there can be no other way oroposed whereby, in laying out so small a sum as Twenty pounds there can be produced so great an Encrease, as by Survivourship will most certainly accrue to nany persons and especially to the Longest Liver of this Rank.” Proposals for Subscriptions of Money, 1674, p. 2 [Brit. Mus. 518. h. 1 (15)} Despite the tempting prospect, however, this scheme seems to have shared the fate of the City Fire Insurance project and came to nothing. The reasons for preferring public management would probably be clearer if we new more of the history of the private adventure offices that seem to have sprung 1p at this time. But the following extract from a petition regarding Dorothy Jetty is at least instructive. It was said “that the said Dorothy (who is the Daughter of a Divine of the Church of England now Deceased) did set up an Insurance Office on Births, Marriages and Services, in order thereby to serve the Public and get an honest Livelyhood for herself. The said Dorothy had such 3necess in her Undertaking that more Claims were paid, and more Stamps used .or Certificates and Policies in her Office than in all other the like Offices in London besides; which good Fortune was chiefly owing to the Fairness and Tustice of her Proceedings in the said Business. For all the Money paid into the Office was entered in one Book, and all the Money paid out upon Claims, was set {own in another Book, and all People had Liberty to peruse both, so that there sould not possibly be the least Fraud in the management thereof.” The Case of Dorothy Petty in relation to the Union Society at the White Lion by Temple Bar whereof she is Director. [Brit. Mus. 816. m. 10 (82).] The profits of such private »ffices appear to Lave been very considerable, if we may trust the estimate of Charles Povey, who complained that owing to a ‘cross incident ' he was obliged to sell his undertaking of the Sun Fire Office on very low terms. Had he remained in possession it would have brought him in £600 or £800 per annum. English Inqui- sition (1718), p. 87. This was in 1709, and early in the following year the business was organised by & company which has continued to flourish ever since. Proposals set forth by the Company of London Insurers (from the Sun Fire Office. April 10, .710). [Brit. Mus. 816. m. 10 (88). | Insurance business of different sorts was a favourite field for Company sromoters at this time. At the Crown Tavern, Smithfield, a subscription book was opened for establishing “an Insurance Office for Horses dying natural jeaths, stolen, or disabled; at the Fountain Tavern there was started “a co- partnership for insuring and increasing Children’s fortunes” ; at another place in the City subscribers came to put their names and money down for * Plummer and Petty’s Insurance from Death by drinking Geneva.” * * * Ther there were started offices for ‘Assurance from lying’; for “Insurance from house- breakers’’; for “Rum Insurance’; for Insurance from highwaymen’’ and anmerons others. Martin, History of Lioud’s. 89. 2 Parl. Hist. vi. 640.

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