THE HONGKONG TELEGRAPH, THURSDAY, OCTOBER
1914,
THE LIVERPOOL AND LONDON AND GLOBE INSURANCE CO., LTD,
THE STORY OF LIVERPOOL'S GREATNESS.
Boult, the promoter of the concern, The Oldest Local Insurance
naturally became its first secret Company. Jacomo in 1012... £4536,307 ary and manager. Total asso's exceed £12,500,000 Total claims, paid since 'commence- meat
£60,000,000
Present Position.
When it in stated that the
Rotary" and "general in nager, New Orleans branch for thirty-
total claim paid by the Liverpool these interesting documents are in "ge to the extent of £2,000,000 3 be paid-up capital of the Liver-shortly Lefore the Chicago.devas of the Sottish Bosition by a new set of laws and regul
the hand writing of Mr. Boult,
loos. In 1804 the company secured incorporation under the It was not until 1010 that the Corepanies Aots.
East and established agencies in Its promoters had some trouble confligration cocurred-Boston in 1875 of 242,000. But the re- tion lo building up a grand Bombay and Caluatta. The when they founded the company being the scene and the omasia omply justified this drastic business. Amongst these may be Bombay agency remains in the by Act of Parliament, but the pany paid £280,000 as their share policy Losses much more than named Mr. H, W, Eston, who has bands of the firm to whom it was Legislature ultimately sanctioned of the damage, dose Me (after correspondingly diminished, and occupied the position of maunger
wards Sir) Thomas Brooklebank, increased: at New York entrusted at the fiat. In 1855 company. Messra. Holliday, Wise, and Co. It is unnecessary to give a who had become chairman of the Thui" was the business re Mr. W.S. Warren, of Chiengo, a solid paying who, with his late father, re- presenta a period of sixty years' were appointed agents at Manila, detailed statement of the basis of company, outlad to New York, established on and, under the title of "Wise and agreement between the Liverpool Draw for lons at Biston as binis. Co., the agency still romaine and London and Globe, but the required," and this was done, Mr. Dove's Long Managership. active identification with the com- Bummoned home by cable in pany; and Mr. Clarence F. Low, with them. It speaks much both outstanding feature was that while many other companies for the company and for the clars each holder of £100 Globe share which had survived the Chicago January, 1876, Mr. Dve tacame who has been connected with the of representative it was able to shu'd get £20 of Liverpool and claims snajumbed under the
and for thirty years held that four years,
and More Parliamentary Powers. Pecure that there in this long un- London stock, with an alternative seconil calamity.
The Crisis Safely Passed, position will distincti in brokra connection in so many of a perpetual 0 rer cost. sa.
These two years-1871 and success. Ils assis ant was Mr. Ia 1891 the company again got canse
nuity for every £20 of stock. In 1854 the company opened In the end, 1729 Globe sbares, 1872-wars, of course, a orisia in Alexander Vanoin, then minagar from Parliament enlarged powers, in Portugal and Valuaraiso, in representing £172,000, accepted the life of the Liverpool and of the Lasurares, Company of but in a few yeare it was felt that On the let June, 1836, business 1857 in Natal and Cubs, and in £34,580 of stock in the new com London and Globe. In 1871 Sooland, in Eliuhurgh, and for the onstitution had become so cmmenced in an office at the top 1850 in Jamaica. Bet after the pany, while shareholders with the file premiums were £1,thteen years he was Mr. Dave's complex under the series of login- of Water Street. There still exist Parthquake and great fire in 8.2.1 ebares in the Clobe, 131 501, and the losses £1, right-hand ma. At the end lative enactments which governed
manager minster was made in 1898 with at the head office some of the Kingaton in 17, whon 700 representing £327,100 of capital, 178 7-9. An interim dividend of the tims he returned it, that another rezort to West- earliest cover notes, fire policies,
and Nitional bill replacing all previous statulce. and life policies, and many of people lost their lives and dam-lected to take 6 po. annuities, of 10 per cent, had been paid to Elinburgh
was done, the company withdrew pool and London and Globe tatoo, but the flool dividend was Company, and lia and London and Globe since its
fam that isky field of operat one. eventually became icensed to pass by. Mr. Brocklebank of the Liverpool and London and Parliamentary Sanction.
Subsidiary Board of Directors: £301,752, but £146712 bold by pledged his personal reputation Globy was taken by Mr. Alsop, commencement is now close upon
Being really ouly a private
The success of the agency trustena under the "marriage" and fortune than which there who was head of the foreign de- £80,000,000, it is at once seen how large a part this company hes partnership, or asacciation of opened in New York in 1816 led vettlement, was ded rated from that could be no bigher guarantee pariment of the o mpaay, played in the underwriting world."proprietore," as they were called, the board in Liverpool to con-anidant; and thus, with some upon the resucitation of the Thanks to the vigorous over- company was transformed into For the year 1912 the total income the company had to inaugurate sider the desirability of establish alight adjustments, we arrive at company. He was the largest hauling of the company's business, one with limited liability, and at assets of the company are con Act of Parliament to enable the ing Loards of directors in the the present paid up capital of the shareholder, with unlimited Mr. Dave's first year of minnge the same time the old Globe was over £1,500,000, and the its creation by promoting a special
United States, Canada, and company. After the amalgama-ability attaching, but the force of nt showed a profit of orer 0 per cent. perpetual annuities, the great amalgamation,were con- siderably over £12,500,000, aller company to sue and be sued in Australis, and in November, tion the Liverpool Baard consisted his example and his unique per 2.0,000 on a pr mum incoms which were created at the time of having been well written down the name of the chairman, deputy, 1850, this step was resolved of 21 members, and the London sopality and posi in in Liverpool of just under £1,000,00 during the last few years. The chairman, or any of the directors." ufos. In January, 1881.a mees of 24. The former now numbers gave a new phase to the situation The wisdom of Mr. Thomson's verted into a 4 per cent, perpetual and saved the company from the polley was more than justified in debenture issue. For this Parlia members capital consists of A very substantial subscriptioning was held in New York to 14, and the latter 10, 300,000 shares of £10 each, of to the share-list was effcoted at form a board and to nominate It may be well to mention here panic which bad est in among the fullowing year ((877), wben, mentary action was once more which 286,525 are issued aud £1 the start. It smpted to £6, trustees of the funds which the that in 1850 the proprietora of investors. The annual report for on June 20, a large configration invoked.
The income of the firet company had to deposit with the the company agreed to the con- 1872 showed the fire premiums occurred at St. John, New Bruns per phure paid up. The present 175 markes price of a share is fully year was £10,851, and the arsets United States Government to version of the paid-up capital to be £1,258,581, and the losses wick, involving the company in
£68,000. The succeeding years enable them to get admission and into stock, but it was not until £1,071,493. A dividend with substantial payments, but not for pany with regard to the chairman- eaw steady growth, although credit there. In those days the 1910 that the liability of the these figures staring them in a moment causing upeseiness to ship is that the senior member of The Liverpool is Founded, In the early part of last century there were serious fires in the firet manager of the New York ahareholders became limited, to the face the shareholders re-any of the parties concerned the board who has not "passed be impossible. insured, shareholders, or manage the chair" should preside over ite destinies for a period of two years? use of the amount of the n minal cognised" to one of the principal insurance town. In October, 1838, damage branch made good
and their shares, which but two ment, brokers in Liverpool was Mr. to the extent of £150,000 was certificate which now adorns the capital.
The long period of Mr. Dove's This certainly ensures to the These brokers done by a couflagration in Robert New York ulica 18 a curious
Prior to the completion of this years earlier had commanded a Swinton Bult. and behind them a larger or Street Nott; in September, 184, relo. The certificate ran :- most important transaction the high price in the market, fell management was comparatively shareholders in time a board uneventful until jast at its core, largely composed of gentlemen "The Liverpool and London Unity Company was absorbed E1 (£2 paid up), smaller number of merchants who a fire in warehouses and aheda in
At the 1873 annual meeting it He carefully avoided heroics or who have gained that close and well (1803), and in 1861 the Leeds Company is were prepared to pay sums of Paisley Street and Formby Street L.surance
'coupe," and was detailed knowledge of the com. waa was sanounced that Mr. Boult, sensational Varying amounts against marine caused half a million damage, known to us, and in our opinion and Yorkshire Company
the founder, had retired on an content to work on lines of natural pany's fira which only ex- expansion building up meanwhile perience of the chairmanship can losses, for which insurance owners and there were extensive fires in
(Signed) BROWN BROTHERS & Co. Forty-three years elapsed before allowance.
the reserves. As the accumulated give, and it has also bad the of ships paid a certain percentage 1843 and in 1846, in all of which is entitled to the highest oredit." also taken is.
DENNISTON, WOOD, & Co. any further amalgamation was
fanda warranted and large fires result that a succession of some. on the value of vessel and cargo, the Liverpool saffered.
JAMES G. KING & SON.
-made, -- Probably in the coffee house where
JOHN J. PALMER..
The absorption of the Globe Mr. Boult is described by one ceased to shake the stability of of the ablest business men in
£25)
this business was then transacted,
88
HOW a very
and
The anbaeribing names to the
firat deed of settlement, which
was stated to be
Enters London,
In 18 16 the company.parohased
Extension.
It was not long before the
The Globo Amalgamation.
concerng
achievement he was
19
"
The New Manager and
Reorganisation.
心
LE
The Chair. The rule observed by the com-
perhaps in his own cffice, or even the business of the London, in his own bouse for business Edinburgh, and Dublin. Assur- company could "stand on its gave the combined company of the few survivors now in the the institution, the dividende Liverpool have been in command Company, with head- own lega," requiring no man's possession of No. 1, Cornbill, one service of the company se being became more substantial, though of the Liverpool and London and home were in much closer ance and more constant contact a cen- quarters in London, and in this certificate, but being well spoken of the finest business sites in the a tall, austere, and reserved man, not enough, in the opinion of and Globe, and given their as an outstanding permanent dignity when things were going these proved a miserable minority meat. It has been shown how at tury ago than they now are-Mr. way it secured its first London of from east to west and from world. It is worth ita rental value who carried himself with much some of the shareholders, bat best services to its sound develop- Thomas Brocklebank was able as Balt discussed with his friends board, bringing over as its chair-north to south of the States.
Success attending the New advertisement of one of the against the company and himself. when, is 1887, they claimed the a critical japotare Sir (then Mr.) chairmas, to safely bring the Big American Fires. the establishment of a new Liver-man Mr. Matthew Forster, a
The conservative policy which ship through very stormy times. pool insurance company for both director of the absorbed company. York experiment, Mr. Swinton premier insurance companies in He was a native of Liverpool, arbitrament of a poll...
A second application to Parlia Boult paid a visit to Australia. the country. Northward it over. His successor, Mr. Henry Thom fire and life."
a Globe directors and management son, Sir Thomas Brocklebank, He was a prominent member ment thus became necessary, for Ta 1851 the Liverpool and Lon looks the Royal Exchange, the son, wis a hard-headed Abar of the Unitarian community, then it waa" desired to change the don had taken over the business Bank of England, Threadneedledonian, who never lost his the Liverpoot and London and He was the first baronet. His
influential name of the company to the of the Australasian Life Com-street, and Prince's-street; to no thern accens. He was
of Liverpool sol London Fire and pany, and with this for its the south is King William street, thick-set man, with broal, mas pursued was to find fresh justi- who died in January, 1011, was wealthy section Liverpool life, and there are Life Insurance Company. The aaclens a board was established and the full front westward view sive forebend. In 1885 he joineducation in a low years. After also chairman of the company a resident Liverpool fires on the American continent, Osher leading citizens of Liver- vidonces that he sought and preamble gave as the reason for by him in 1854 Curing his visit, includes the Mansion Hours and the Liverpool and London and long spell free from alarming for the two years May, 1907.00.
the ecmpany Here alan as a consequence the the great open space it faces, Gluba ehlained in the foundation of the the bill that
Company, and his regarded as one of the most occupied that honourable position Cheapside and Queen Victoria-Union now company a large amount of having lately established an office company have an extensive and with the life and movement of soretary from the Commercial Baltimore, which always had been pool still among us who hive dominating personality was early desirable cities for underwriting are Mr. B. H. Nicholson, Mr. support from his co-religionists, of business in London, the change sound business.
In 1857 a board was establish-street, beyond.
felt. It is obvious that he was purpose, was, in 1934 the scene Alfred Fletcher, Mr Arthur Troubled Waters.
The present theirman notably Mr. George Holt, of in name is expedient." At the
The amalgamation with the favourable to the inquiry into the of a vast coLflagration, which Earle, sad Sir W. H. Tate, Bart. of Deorge Hult and Co., cotton time of this amalgamation the ed for Scotland, and subsequently "The income of the company had in-numerous local boards were brokere. At any rate,
opus. In recognition of this to its reorganisation his personal £210,000; and the debris had not Mr. Erelyn S. Par
been removed from the hins in the firm of Masera Liverpool Tire and Life Insurance creased to about £10 000 a year, formed throughout the United Globe was Mr. Bault's magnum American basicoss, and he gave made a loss to the company of
bich, Tinne, and Co, he having made attention. Foreign and Colonial Kingdom.
When, in the early months of that place when a severe fire was),
ancceaded last May Mr. W. F Company" took concrete shape.
Localisation is not possible for In view of later events, another managing directer in 1885.
"But these paled into insignifi Moore, of the firm of Messrs. G. like significant transaction took place The fire and other premiums 1873, Mr. Thomson became the experienced by Toronto, Was exeonted on the let Mar, an international centre 1836, include several family Liverpool. The "Swift shuttles of in 1855, when the company in the xties increased by leaps chief officer of the company Mr. names still well known in Liver an Empire's loom," as Kipling agreed to take over from the Globe and bounds in one year by as John Matthew Dave, who was ance when in 1906, San Francis Melly and Co., Liverpool. Other pool, and still represented or the designates the vessels of the Insurance Company its Canadian mach ng £88,000-and in 1884, then assistant accretary of the was visited first by earthquake members of the beard well mercantile marine, were weaving business, and established when the Globe figures were Royal, joined the Liverpool and and then by fire. Those who known in the commercial board.
on a scale far too great for a Montreal board to look after its brought in by $222,100. By 1870 London and Globe as assistant remember the first week or two community of Liverpool are Mr. The business of the company Liverpool insurance company to the Dominion. The the United States wire respon- secretary, and his first business following that calamity say that J. Bruce Ismay. Mr. A. M. Turner, "to make and effect insur maintain only local business, or position of the Liverpool and sible for £423,000 out of a total was to go to Australia to reor it still recure occasionally as a Colonel J. P. Reyacids, Mr. G. H. ances ou hones, warehouses, Ce redisting through the United Londoa had become now so premiam income of £931,000. ganize the company's business dreadful nightmare. It involved. Melly, Mr. C. 8, Hoare, M. R Q
of Chicago Fire Disaster, the local boards was hostile, bat in the previons history of the bank, But,
The steady devolopment of the and building, shipping in Kingdom. The members of the well established that numerous Then came, in 1871, the there, no easy matter, as one of of course, a loss besond anything Wilson, and Sir Aubrey Brockle
It was a trying time for insur he eventually succeeded, and company. Bat the dirotors The Present Management, port, goods, wares,meroliandise, board, many of them shipowners, offers by other
ance companies. Many American made the Sydney board respon faced it, with resourcefulness. farming atook, atensile and had persoal and business in absorption were considered from terests and connections abroad, time to time, but not always
companies collaped, The Liver-sible for the whole of the Au Securities were "realised" almost business necessitated the appoint before any prices had begun to meat, in 1901, of a scound assistant secretary, and to property of all descriptions,
ba pool and London and Hobe was stralasian organisation. against loss or damage by fie: largely in America, and it must accepted.
One of the earliest to
The next took was to reorganise break in the Stock Markets, and insurances on lives and surhave occurred to them that in
colonies and in foreign seaporta taken over was the "North of far mme heavily bit than any
"In 1857 other English company, and in the American business, so that at once tho New York office were this pition Mr. A. G. Dant was vivorships; the sale and purin immediate touch with Liver England Company. chase of sunnities, reversions, and contingert interests, and pool much remunerative business the business of the "Monarch Chicago, merchants, aparently instead of there being only one advised that each was available appointed from theold established was purchased, and ruined by the conflagration, head offie for the whole of the to the extent of one million San. Then, in 1901, Mr. Dent the endowment of children: as waiting to be picked up. Company
But it took ten years for the in 1858 the fire business of the anxiously asked its represent United States, with gnual egan- pounds sterling. In settling the became Mr. Alsop's successor. general manager and secretary and generally to entry on Liverpool board to learn Bank of London" and "National ative, "What will your com- oles working on commission, sepe maltitude of claims the Liverpool and only two years later he the business usually called or
Estly in 1816 Provincial Fire and Life Company do? The first estimate rate independent branch offices and london and Globe paid 100 succeeded to the position of The and of the settlement on Mr. Dave's retirement. With known as fire insurance and life this lesson.
authority WAN given
for pany" was taken over from the cabled to headquarters of the were established at Now, York, cants to the dollar.
company's loea was two million Chicago, New Orleans, and San insurance, and all matters con-
dollars. At onop the company Francisco. This was Mr. Thom showed that the directors first foundations tested by the widest nected therewith and allowed the appointment of agents abroad, Albert Life Office:" by law, or under the rules and 31 agency was established in. But the crowning achievment cabled to its agintson a scheme; on it has been baile provision was ample, for the gross possible shocks, the company
New York. Very soon the wia in this direction was the amal-
Draw sa required up to $2, the ultimate great enccess of the loss payment was £50,000 short under Mr. Dant continued to therein declared.".
dom of this step was seen. It is gamation with the Globe The carital of the company WIE £2,000,000, divided into 100,000 the great development oversean Insurance Company" For about 000,003. And be was able to company in the United States of the million, and the net loss extend its superstructure. shares of £20 each. It is evident which has made this company so two years the courtship proceeded assure the whitefaced inquirers But like many other great was £367,000. And the grumbling wings were added, companies
of Mr Dent's management that in these early days of inear powerful and successful. In 1851 The Globe was senior by a con- that the company woull meet all architect, Mr. Thomson did not shareholder with the open ma scquired, and several new branch
show by the expansi ance, companies were influenced Messrs. Biwring Brothers were siderable number of years, har-ite obligations to the last cent. live to see its fraition. He died was intisked when he got hie offices established both at homs
to the tune of 2014,000, and ber, 1875, while Mr. Dave was which would have been impos.
in the income and funds. by the underwriting system by appointed Newfoundland agents, ing been founded in 1803. The company did so promptly. with tragic suddeaness in Decem dividend as usual-acarse sad abroad. The active character men of substance which then and at this day the same firm. In 1884 the "happy union
chief's scheme into operation. It of 1887 haan adopted.
the company since he asenn It was after this trying expor
the prevailed, and the nominal value retaine that position. Bowring was effected, and once more thereby established for ever its still in the States patting his sible hid bie short-sighted policy of each share was accordingly holds in high regard.
But the Board were men of is believed that his death was is ancther name which Liverpool the aid of Parliament was reputation in the States.
invoket. At this marriage, fred at an amount to which
Then, in 1852, the ompany as in many others, it was arranged prudence as well as of honour, caused by his untiring attention fence that Mr. Dave asked to be charge. The total income present day company promoters
went on the continent (to use that the wedded should be known They asked the question whether to the business of the company, relieved of his important effoe, company, which at the close, of would never dream to aspire. a collquislism) by entrusting on by a tile compounded of the the accepted hicks were reasonably His work was consolidation rather and the directors reluctantly 1906 amounted to €2,687,00
sale, considering the codatruction than expansion, and both at home seqniesced, for they felt that showed an increase of no Moreover, there was unlimited agendy in Hamburg to Mesars, names of both contracting par64, conside of Mr. Benty and abroad he ruthlessly used their manager had never proved than 1407030
The Fogon 8 than when 1913/07 Liability
vitt was "changed, to Pigeon and Burghard. Under ties Ro
Thomson who in 1500, had the pruning koife. O The number of directors WAA
järel sa ramlilant erretory after flome business was nlio ron-by this sarfody responsiúil de, llo Let poh'libal accnuts of he on with, thi cómpeny is Chasing 27), whilst the fon la atrone and all bai to 16ils fàe tide at Jahn Higson."", "the The Lavoro aut lomioo
vacihla stoerignon with the, trofised in Iwerpool, and navarat con
mined as a membruf of becompanyiliring
[havo suvancet from boarda ta provincial centies3 083 1- Company
the board of director
07322 The United States ed to exist for a time,
Thomson play natur
United States Business
funds, of corso indicative of The Ti steadily realised". a rediodiacom
Toɔection with the United ained result in a re
Stalte the cimpany has always the compa iams, fors 1873′′* to reorganisa, Lho business pre
3 but
been well served by its managers. on the other side,
do in that country, each of whom las bfore the remedial measures.
and contributed by his skill an devo- dividend could be applied another great
Hall This Foil halijiung irement has, of coureo,
STORES MALE
LC
H
in swants miles of Live ponti ba silioun the miragers of Guite subties Compa
the company tastar Geri vitfen, -ely comprehensive conocl port, and it is gentifying to li al for all parpusen, although, thɩro that Mr. U. F.Suck the senior are fasuraces com
lyinst are not content m wild retired: partner at chairman was M. Par
lations. had completed Deirly sixty, trislan rear, four years cetive identification The
the octupany
gone overboard.
firat
debt that
service byla
Swinton
The next year thes verpool time of its am
London Mlavelled to the Far pasing a 6 pero
ere terres
was real cut to which
and Car
investi
there was,
060 12 1871
The
дев
OFD
Breat
Now
31701 ike in
(Con
ued on Page 10.)