FOOTNOTES
[684] “As the Turks are unacquainted with insurance, they do not lend money but at the rate of fifteen or twenty per cent. But when they lend to merchants who trade by sea, they charge thirty per cent.”—Remarques d’un Voyageur Moderne au Lévant. Amst. 1773, 8vo.
[685] De Jure Naturæ et Gentium.
[686] Droit de la Nature.
[687] De Jure Maritimo. Holmiæ, 1650.
[688] Collegium Grotianum, Francof. 1722, 4to.
[689] Lib. xxiii. cap. 44.
[690] Lib. xxv. cap. 3.
[691] Lib. v. cap. 18. Langenbec, in his Anmerkungen über das Hamburgische Schiff-und-Seerecht, p. 370, is of opinion that no traces of insurance are to be found either in Livy or Suetonius.
[692] Epist. ad Famil. ii. ep. 17.
[693] Ayreri Diatribe de Cambialis Instituti Vestigiis apud Romanos, added to Uhle’s edition of Heineccii Elementa Juris Cambialis.
[694] De Jure Maritimo et Nautico. Gryphis. 1652.
[695] Lex Mercatoria, or the Ancient Law-Merchant, by Gerard Malynes. London, 1656, fol. p. 105.
[696] Seldeni Mare Clausum. Lond. 1636, p. 428.
[697] Bourdeaux, 1661, 4to.
[698] Auszug der Historie des Allgemeinen und Preussischen See-rechts. Konigsberg, 1747, 4to, p. 32.
[699] De Jure Mercatorum et Commerciorum.
[700] Entitled, ’T boek der Zee-rechten. Amst. 1664, 4to.
[701] The title runs thus: Il consolato del mare, nei quale si comprendono tutti gli statuti et ordini, disposti da gli antichi per ogni cosa di mercantia et di navigare. Leyden, 1704, 4to.
[702] In that old treatise, Le Guidon, inserted in Cleirac, it is remarked, chap. i. art. i. that in old times insurances were made without any writings: they were then called Assecurances en confiance; Confidential insurances.
[M‘Culloch, in his Dictionary of Commerce, art. Insurance, observes respecting this passage, that “Beckmann seems to have thought that the practice of insurance originated in Italy, in the latter part of the fifteenth or the early part of the sixteenth century. But the learned Spanish antiquary, Don Antonio de Capmany, has given, in his very valuable publication on the History and Commerce of Barcelona (Memorias Historicas sobre la Marina, &c., de Barcelona, t. ii. p. 383), an ordinance relative to insurance, issued by the magistrates of that city in 1435; whereas the earliest Italian law on the subject is nearly a century later, being dated in 1523. It is however exceedingly unlikely, had insurance been as early practised in Italy as in Catalonia, that the former should have been so much behind the latter in subjecting it to any fixed rules; and it is still more unlikely that the practice should have escaped, as is the case, all mention by any previous Italian writer. We therefore agree entirely in Capmany’s opinion, that until some authentic evidence to the contrary be produced, Barcelona should be regarded as the birth-place of this most useful and beautiful application of the doctrine of chances.” Had M‘Culloch consulted the treatise on Bills of Exchange, given in a subsequent part of the work (vol. iii. p. 430), he would have found that Beckmann, in noticing the curious memoirs of Capmany, with which he had then become acquainted, distinctly mentions “An ordinance of the year 1458 respecting insurance, which required that underwriting should be done in the presence of a notary, and declared polices o scriptores privades to be null and void.”]
[703] Versuche über Assecuranzen, etc. Hamb. 1753, 4to.
[704] I found nothing on the subject, either in Delia decima—e della Mercatura de’ Fiorentini, fino al secolo xvi. Lisbona e Lucca, 1765, 1766, 4 vols. 4to, which contains a variety of useful information respecting the history of the Florentine trade, or in Mecatti, Storia Chronologica della città di Firenze. In Napoli 1775, 2 vols. 4to.
[705] Stracchæ aliorumque Jurisconsultorum de Cambiis, Sponsionibus, &c., Decisiones. Amst. 1669, fol. p. 24.
[706] It may be found in Ordonantien ende Placcaeten ghepubliceert Vlaenderen. Antwerp, 1662, fol. i. p. 360.
[707] Ordonantien ende Placcaeten, ii. p. 307. Groote Placaet-boeck der Ver. Nederlanden, i. p. 796. Magens, p. 397.
[708] Ordonantien ende Placcaeten, [ut supra], p. 335. Groote Placaet-boeck, i. p. 828, and in the additions, ii. p. 2116.
[709] The changes which this institution afterwards underwent, with an extract from its regulations, may be seen in La Richesse de la Hollande. Lond. 1778, 4to, i. p. 81.
[710] [The marine insurers are called in this country under-writers, because they write their names under the policy. Under the authority of statute 6 George I. cap. 18, two corporate bodies, called the Royal Exchange Assurance Company and the London Assurance Company, were chartered by the crown. There are at present seven marine insurance companies in London:—the two old chartered companies above-mentioned; two established immediately upon the passing of the act of the year 1824, the Alliance and the Indemnity Mutual; the Marine, established in 1836; and the General Marine and Neptune, established in 1839.]
[711] Dictionary of Commerce.
[712] Krunitz, Oekonomische Encyclopedie, xiii. p. 221; where an account may be found of other companies.
[713] Winkelmanns Oldenburgischen Friedens- und der benachbarten Oerter Kriegshandlungen. 1671 fol. p. 67.
[714] [The publisher of the present volumes pays upwards of £200 per annum for insurance on his stock in trade, and therefore feels strongly the force of this observation.—H. G. B.]
[715] Life insurances have been forbidden by the laws of France and of many other foreign states, as being of a gambling nature, and opening the door to a variety of abuses and frauds.