The Underwriters Of Lloyd...
The humble Petition of Edward Hodges, William Yonhg, David Melville, Robert Aloore, aiid the several otbler persohs.'whose names are subscribed, - .' Humbly showeth-That: your petitioners are instrance brokers in London, and merchants also-residing in London; interested in lffIecting manrine insurances That the experience of yaur petitioners has affbrdcd them the most unequivocal means of 3udging of the great value of free, open, and individual competition in the business of matine insurance. That your petitionerg state confidently, that competitioii existg among the private underwriters of LDndon to as great an extent as it can be carried, without endangerbig the valtie of the indemnity for which preniuins are paid. That full and ample means exist of making insurances with the. private underwriters, to tbte extent of any property required to be insured; and the great number of rivals engaged in this branch of commerce secures the merchants frotn the demand of unreasonable premitans. That your petitioners learn witli the deepest cbneern tliat a bill has passed the other House ef Parliamient, for repealing " so much of an act of the 6t'i year of Kin,g George the Farst, atreitrains any other corporationsathan those in the act named, and any societies. or partnerships, from effecting marine assurance, and lehdingimoney on boitomry." . That it will be easy to prove tlat such a nteasure is not required for the greater protection of commerce, and that, on the contrary, it is fraught with consequences of the most injurious c'haracter. Thatwhile the said bill,if passed irto alaw,wouldoperate to the total ruin of mtany persons whose subsistence depends upon -their nemployment as agents or brokers to get insurai.ces eff'ected, iaud greatly to the injury of nierchants hIaving occasion to make insur_ ances, it has not the slightest recommendation either in particular expedience or general policy. Lruat the pri6text on :he part of the mnet ictive friends of the measure lias been, that the principle of the act of hii late Mnjesty tKing George the First was inconsistent with the priaciples of free trade and openi competition wlhich form the present policy 6f the country; but itwill notescapeyour'lordships' penetradon that, if the measure is really to depend upon that policy,it will be found utterly destitnte of foundation, because its promoters have not the-courage to propose the abolitionof the two chartered companics, bat, dbthe contrary,seek to inundate cominerce b iniiting can2l companies,gas companies, corporations of every character and description, comnpa. nies, societies, and partnerslhips of alU'clhises, to invade a brahdi of commerce which not oniy can be, but fr iiiore thati a' century has been, beneficially carried on by individuals; alid'if siichl a scheme could succeed, a state of actual free trkade would be ispplaibtcd by one of exclusioni and-Monopoly. That your~ petitioner, respectfully but soleinuly protest against a seatarc that. wrould deliver them over to a collection of companies, who might bie rivals for a.timc, but would havc the.power pf:coin- bluing whlenever they ghould firid it desirable . That it would be trifling with the misfortunes of your petitioners ito assert t'4at the privateunderwxiersvoald still exist, and might be r"`edtto -by thowe *ho'shoildy prefer effecting insurances Wi .the it is obyjous to-th eperie-ace Of,t'fotipetifloners, that the pri. viteunderwiiters could alwasys tiuceissfullycoihpefe- *with thnarinlt tinsitrAnce com-panies now ejimtitng5btt telae pr~oprtion 'of bhy the aew'corhpAhies duigtertre~ nar,adte'low pfe. xnkms at whichi busineswudb id ae uigta eid s ;Wes stheadvnhee them bold in.tbe~r rio inwihte .einlnb ninild would deprvethe pp theire bu bcuse th e-coldae -to defraud;the-me~rchant-b -undert colrst wihlhy ol 'not fulfil, rStiould theybindly,ncdounter rumhe by inqesting pre. iniUnm eomperinbutheg.credupearate boistiblshe by thticl, compan iiies,-which would-be riec~sssry in- irder to~funrnshlAmnot to indi.i vmduals,to prefer t'he privatilunderwtiters.c b That the.. exper-ment-rateE byte proposed lbe-se. Tiouslyinjurious to c6ifinercem ipany tvei, as theis ytem- t f the .anderwriters, whichni now: supportedrat great annualc seand isfutther naintained by daily and hourly at s tenion, anetensiv corresoondence b vould sintk by the weight of the P ablishent, ahnd wouald.be lost to:the nation- and,tothe world, and culd ino-bo reviveaexcept by slow deRrees h andoncr s of =rsp nty,at revival, the publicwould has'.-Ab pag such ano eviunc te the absentc of the 3ysteut-*441rend a Thatyour petitionstedrcfioteh ib ra in the bid i ustion any provision. comi&isllig corporations, -bodies politic, y couIpanies, nd .societies, whonisayenteru upn-th biisinessof-naiine;insuriante-in pursuance olf tle propored- TAnd,o yorovide " il cdaitipnal capita to mneetLthe new-engagenie tSi rftd theiy ate toundter,or to-Word evidence.in- akhmpeothat the,*Iae in fAct in 1ossessiox of aLny c~apftal; and therefore the authoiyz -~to underU6tu*rarmne.riiks may ne inuriohs as -well to thise)vl Ial inaike insurasice with such corporations, bodies-politic, -comAilig;and sodeties,*i Aiso~ to.ho,s individuals.who shallpreviously have contractetl 'Ith thiexin respet *of the objects of-their original%esti~blishmont. - .Tlhat youir peutiUoners contemiplate th'e peiraistiftn to trading Dart-. .Uershi s; to engagei-ii the4dangerous-arlventure of miyinre insurance ,as higlElyiobjectionable,-as wellto merchantswhose property is to be -ifisured,- asto, he kneral -creditora-of siich partitershiips Thtn -yof~ouirpetitioiuers endetLvo-ured'teobtiseiio to stblish by evidence-in the other houiseof Pirliamnent'the inju.. nous nature of the.-proposed law, but thte course -6f 'proceeding; adopteEd by4-he-promoters of the bill in mak-ing it a -public iristeadl of i prii'ate bill has deprived the petitioners of that opportunity.'and it lais pased through -its several stages' without any evidence to est-ablish th'e expmediency thereof. *Your-petitioners therefore humbly pray that the saia bill may not pass into:. * law, but thai -your petitioners nRay be heard by them. selY'es, thleir counsel, a5ents, and witnesses, at your lordships' bar. or before'4committee. of peers, or in such manner as your lordsbipi may be pleased to ordIer. And your petitioners will ever pray, &c. ___________ I.~Signed bysevtral hundreda irzons.l THE UN,DERiVwr2p~R$ OF' iLLoYp TO THIE PtIGT MOKOURABLE'TIE LOnDS SPIRITUA, AND TE31PORAL. IN PARLIAMENT ASSSLED. ;.