Mercantile London in 1900: Lloyd's

Arthur H. Beavan had this to say in Imperial London, published in 1901, about Lloyd's of London:

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A stone's-throw from the Stock Exchange is Lloyd's.

In 1900 It occupied part of the north, and the entire east side of the upper story of the Royal Exchange, with an entrance for ship-captains in Threadneedle Street and a main entrance from the area near the eastern side of the Exchange.

There were three principal rooms; for the underwriters, the merchants, and the captains respectively.

From end to end of the first, ran three rows of tables, at which every underwriter had his own appointed seat.

The brokers "showing their risks" on slips of paper to the underwriters, obtained from them such share of the risk as they felt disposed to take, and in this way got the whole amount underwritten.

A.rnongst the underwriters and brokers were some, known by the name of "doctors," who delt in such specialties as overdue vessels.

The merchant-room, with reading-room adjoined, was provided with maps and charts, and every imaginable periodical, British and foreign, that gave information about "arrivals" and "departures," etc.

In the reading-room was the Index, a gigantic affair in more than a dozen huge ledgers, and constantly posted up, by which in a few moments the whereabouts and condition of every ship in our mercantile marine could be ascertained.

By the side of the Index was a series of equally big volumes, Lloyd's Captains' Register, containing every particular relating to all the certificated commanders, their careers, services, etc.

This, too, was kept absolutely up-to-date.

The captains' room, where master-mariners could meet their owners, and where auction sales of abandoned "hulks" were occasionally held, contained an excellent refreshment department, largely patronized by the members at Lloyd's.

A special section at Lloyd's was a small kind of hutch dignified by the appellation "office" at the captains' entrance, where relations and friends of those at sea could ascertain gratis, from the contents of a huge ledger, all that Lloyd's knew of the safety and whereabouts of the vessel in which they were interested.

No trouble was spared in giving the fullest information to these inquirers, and the scenes, when catastrophes had to be announced, were very pitiful.

Up the chief staircase was another room of deep interest, the Chamber of Horrors, where were posted up the telegrams and details of every disaster that occured.

Hence its appellation.

Admission to Lloyd's was difficult to get.

Candidates were elected by ballot, the total number of members being about 1800, of whom only about 600 are underwriters proper, who, to place their credit beyond the possibility of doubt, had to deposit with the committee, a minimum of £5000 as security.

Captain Hosier, the secretary, being trustee for three and a half millions sterling so paid in.

Thus the amount due on a Lloyd's policy was as good as a Bank of England note.

The form of these policies had remained unchanged since 1797, except that the pious invocation at the opening of the document, "In the name of God, Amen," had been altered to "Be it known that," etc.

There was connected with Lloyd's one conspicuously picturesque individual, the "caller," who sat just inside the barrier at the door, in a box surmounted by a curved sounding-board.

On giving the name of your friend to the attendant - for unlike the Stock Exchange, strangers were admitted - he passed it on to the caller, whose voice re-echoed it in sonorous tones that could be heard throughout the rooms.

The caller, a fine, bearded specimen of humanity, was apparelled in a splendidly-trimmed gown, and gold-banded tall hat.

When the fate of some ship that had long been uncertain had to be announced, the ceremony was quite dramatic; a bell was rung; everybody was silent and a thrill of expectancy was visible amongst the underwriters; the caller rose, and with almost clerical solemnity acquainted Lloyd's with the fact of her safe arrival in port, or of her total loss.

The Royal Exchange was, as of old, the principal rendezvous for the leading merchants, shipowners, bankers, brokers, etc., of the City of London, and on its pavement, at their special stations ("walks," they used to be called), were to be seen on certain days the representatives of all the great houses of business.

As the hour for the Changes arrived, the four gates were closed by the beadle - a functionary no less imposing than his comrade at the Bank of England and the caller at Lloyd's - and Change began.

Each week on Tuesdays and Thurdays, the Foreign Bill Change was held from 1.30 to 2.30 p.m., and what are called Merchants' Changes were held from 3.30 to 4 p.m. every day except Saturdays, when the building itself closed at 2 p.m.

Next: Mercantile London in 1900 - The Commodity Exchanges