Lloyd’s Coffee House

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We discovered this interesting article on the history of the Lloyd’s Coffee Houses – its from the book London – Volume 3 published in 1824 by Sholto and Reuben Percy – Brothers of the Benedictine Monastery.

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Lloyd’s Coffee House

It is difficult to decide whether Lloyd’s Coffee-House is more to be admired for its commercial importance, or for the many acts of benevolence with which its name and its subscribers are associated. This coffeehouse, which derives its name from the individual who first kept it, is over the northern piazza of the Royal Exchange; and though presenting none of those attractions which would allure the gentleman who loves “to take his ease at his inn,” is more frequented than all the other coffee-houses in London. It is indeed the centre of British commerce; the point where it concentrates, and whence it diverges over the globe. A bank post-bill does not obtain a readier currency than an article of intelligence from Lloyd’s, and to name this house as an authority is quite decisive  with every person who knows the means of information it possesses, and its accuracy.

Lloyd’s Coffee-House is the great mart for maritime insurance, and in order to obtain correct information it has agents in almost every port in Christendom, who are in regular communication with it, announcing every event that can in the most remote degree affect the political or commercial interests of the country. It was by these means, that during the late war government was often apprized of events, of which they had received no official intelligence, the arrival and sailing of vessels, a list of captures, accidents, and every thing relating to the shipping interests being regularly kept. One room in this coffee-house is appropriated to subscribers, who pay £25 on being admitted, and four guineas a year. No person, however, can be admitted without being recommended by six members, and approved by the committee of management.

The subscribers to Lloyd’s Coffee-House have been as much distinguished for their patriotic benevolence as for the extent of their commercial relations, and it was with this body that the PATRIOTIC FUND originated. This noble charity, the object of which was to provide relief for the widows and orphans of such as die in their country’s service, as well as to remunerate the wounded, was commenced on the 28th July [1803] with a donation of £20,000. three per cents, by the subscribers to Lloyd’s, independently of their contributions as individuals; and so liberally was their example seconded, that in the course of twelve years the fund amounted to £543,450 18s. 11d., out of which eighteen thousand persons had been relieved. Previous to the formation of the Patriotic fond, “Lloyd’s” had been the source and centre of many liberal subscriptions, particularly in [1794] and [1798]; in the former year upwards of £21,000 was raised tor the sufferers in Lord Howe’s victory, and in the latter £32,000 for the widows, orphans, etc. of the battle of the Nile.

Excerpt from London Volume 3 1824 by Sholto and Reuben Percy – Brothers of the Benedictine Monastery

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Further reading and external links

Lloyds Coffee House on Wikipedia

Lloyds of London