LLOYD’S, an association of merchants, shipowners, underwriters, and ship and insurance brokers, having its headquarters in a suite of rooms in the north-east corner of the Royal Exchange, London. Originally a mere gathering of merchants for business or gossip in a coffee-house kept by one Edward Lloyd in Tower Street, London, the earliest notice of which occurs in the London Gazette of the 18th of February 1688, this institution has gradually become one of the greatest organizations in the world in connexion with commerce. The establishment existed in Tower Street up to 1692, in which year it was removed by the proprietor to Lombard Street, in the centre of that portion of the city most frequented by merchants of the highest class. Shortly after this event Mr Lloyd established a weekly newspaper furnishing commercial and shipping news, in those days an undertaking of no small difficulty. This paper took the name of Lloyd’s News, and, though its life was not long, it was the precursor of the now ubiquitous Lloyd’s List, the oldest existing paper, the London Gazette excepted. In Lombard Street the business transacted at Lloyd’s coffee-house steadily grew, but it does not appear that throughout the greater part of the 18th century the merchants and underwriters frequenting the rooms were bound together by any rules, or acted under any organization. By and by, however, the increase of marine insurance business made a change of system and improved accommodation necessary, and after finding a temporary resting-place in Pope’s Head Alley, the underwriters and brokers settled in the Royal Exchange in March 1774. One of the first improvements in the mode of effecting marine insurance was the introduction of a printed form of policy. Hitherto various forms had been in use; and, to avoid numerous disputes the committee of Lloyd’s proposed a general form, which was adopted by the members on the 12th of January 1779, and remains in use, with a few slight alterations, to this day. The two most important events in the history of Lloyd’s during the 19th century were the reorganization of the association in 1811, and the passing of an act in 1871 granting to Lloyd’s all the rights and privileges of a corporation sanctioned by parliament. According to this act of incorporation, the three main objects for which the society exists are—first, the carrying out of the business of marine insurance; secondly, the protection of the interests of the members of the association; and thirdly, the collection, publication and diffusion of intelligence and information with respect to shipping. In the promotion of the last-named object an intelligence department has been developed which for wideness of range and efficient working has no parallel among private enterprises. By Lloyd’s Signal Station Act 1888, powers were conferred on Lloyd’s to establish signal stations with telegraphic communications, and by the Derelict Vessels (Report) Act 1896, masters of British ships are required to give notice to Lloyd’s agents of derelict vessels, which information is published by Lloyd’s.
The rooms at Lloyd’s are available only to subscribers and members. The former pay an annual subscription of five guineas without entrance fee, but have no voice in the management of the institution. The latter consist of non-underwriting members, who pay an entrance fee of twelve guineas, and of underwriting members who pay a fee of £100. Underwriting members are also required to deposit securities to the value of £5000 to £10,000, according to circumstances, as a guarantee for their engagements. The management of the establishment is delegated by the members to certain of their number selected as a “committee for managing the affairs of Lloyd’s.” With this body lies the appointment of all the officials and agents of the institution, the daily routine of duty being entrusted to a secretary and a large staff of clerks and other assistants. The mode employed in effecting an insurance at Lloyd’s is simple. The business is done entirely by brokers, who write upon a slip of paper the name of the ship and shipmaster, the nature of the voyage, the subject to be insured, and the amount at which it is valued. If the risk is accepted, each underwriter subscribes his name and the amount he agrees to take or underwrite, the insurance being effected as soon as the total value is made up.
See F. Martin, History of Lloyd’s and of Marine Insurance in Great Britain (1876).
LLWYD, EDWARD (1660-1709), British naturalist and antiquary, was born in Cardiganshire in 1660. He was educated at Jesus College, Oxford, but did not graduate; he received the degree of M.A. however in 1701. In 1690, after serving for six years as assistant, he succeeded R. Plot as keeper of the Ashmolean museum, a position which he retained until 1709. In 1699 he published Lithophylacii Britannici Ichnographia, in which he described and figured various fossils, personally collected or received from his friends, and these were arranged in cabinets in the museum. They were obtained from many parts of England, but mostly from the neighbourhood of Oxford. A second edition was prepared by Llwyd, but not published until 1760. He issued in 1707 the first volume of Archaeologia Britannica (afterwards discontinued). He was elected F.R.S. in 1708. He died at Oxford on the 30th of June 1709.
LOACH. The fish known as loaches (Cobitinae) form a very distinct subfamily of the Cyprinidae, and are even regarded by some authors as constituting a family. Characters: Barbels, three to six pairs; pharyngeal teeth in one row, in moderate number; anterior part of the air-bladder divided into a right and left chamber, separated by a constriction, and enclosed in a bony capsule, the posterior part free or absent. They are more or less elongate in form, often eel-shaped, and naked or covered with minute scales. Most of the species are small, the largest known measuring 12 (the European Misgurnus fossilis), 13 (the Chinese Botia variegata), or 14 in. (the Central Asian Nemachilus siluroides). They mostly live in small streams and ponds, and many are mountain forms. They are almost entirely confined to Europe and Asia, but one species (Nemachilus abyssinicus) has recently been discovered in Abyssinia. About 120 species are known, mostly from Central and South-Eastern Asia. Only two species occur in Great Britain: the common Nemachilus barbatulus and the rarer and more local Cobitis taenia. The latter extends across Europe and Asia to Japan. Many of these fishes delight in the mud at the bottom of ponds, in which they move like eels. In some cases the branchial respiration appears to be insufficient, and the intestinal tract acts as an accessory breathing organ. The air-bladder may be so reduced as to lose its hydrostatic function and become subservient to a sensory organ, its outer exposed surface being connected with the skin by a meatus between the bands of muscle, and conveying the thermo-barometrical impressions to the auditory nerves. Loaches are known in some parts of Germany as “Wetterfisch.”
LOAD; LODE. The O.E. lád, from which both these words are derived, meant “way,” “journey,” “conveyance,” and is cognate with Ger. Leite. The Teutonic root is also seen in the O. Teut. laidjan, Ger. leiten, from which comes “to lead.” The meanings of the word have been influenced by a supposed connexion with “lade,” O.E. hladan, a word common to many old branches of Teutonic languages in the sense of “to place,” but used in English principally of the placing of cargo in a ship, hence “bill of lading,” and of emptying liquor or fluid out of one vessel into another; it is from the word in this sense that is derived “ladle,” a large spoon or cup-like pan with a long handle. The two words, though etymologically one, have been differentiated in meaning, the influence of the connexion with “lade” being more marked in “load” than in “lode,” a vein of metal ore, in which the original meaning of “way” is clearly marked. A “load” was originally a “carriage,” and its Latin equivalent in the Promptorium Parvulorum is vectura. From that it passed to that which is laid on an animal or vehicle, and so, as an amount usually carried, the word was used of a specific quantity of anything, a unit of weight, varying with the locality and the commodity. A “load” of wheat = 40 bushels, of hay = 36 trusses. Other meanings of “load” are: in electricity, the power which an engine or dynamo has to furnish; and in engineering, the weight to be supported by a structure, the “permanent load” being the weight of the structure itself, the “external load” that of anything which may be placed upon it.