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OAIL?
EDITION
HISTORY
OF
INSURANCE
S.
D.
Johnston
Gives
Interfiling
Address
to
Rotary
Club
at
'Weekly
Luncheon
An
intensely
Interesting
address
on
the
history
of
Insurance
was
given
by
S.
D.
Johnston
at
the
Rotary
luncheon
Thursday
in
which
the
growth
of
the
business
was
traced,
commencing
in
England
and
later
in
the
United
States
and
Canada.
In
part
Mr.
Johnston
said:
In
the
days
of
Assyria
and
the
east
about
2500
years
ago,
there
was
a.
primative
type
of
Insurance,
as
we
are
told
by
people
who
have
studied
clay
tablets
and
cylinders
dug
up
from
ruined
cities.
In
ease
of
fire
the
magistrates,
Judges
and
priests
of
the
town
or
district
were
empowered
to
make
up
the
loss
by
-assessing
all
members
of
the
community.
This
method
In
a
modified
form
existed
In
China
and
parts
of
Russia
up
until
a
very
few
years
ago.
"During
the
Middle
Ages
there
was
some
kind
of
security
against
loss
by
fire
in
connection
with
the
English
and
German
merchant
guilds.
s
There
Is
little
doubt
that
marine
Insurance
covering
fire
at
sea
and
other
risks'
of
traffic
and
traveon
the
waters
preceded
land
insurance.
"Centuries
ago
it
was
the
custom
of
the
time
for
merchants
and
citizens
to
advance
money
or
loans,
to
seafarers
on
their
ships
or
cargoes.
If
the
voyage
was
successful
the
money
was.repald
with
huge
Interest.
If
the
voyage
was
unsuccessful
nothing
was
repaid.
And
so
from
this
practice
of
landsmen
sharing
In
the
financial
hazards
of
seafarers
was
marine
insurance
born.
"The
earliest
known
marine
insurance
policy
Is
dated
September
20,
1547,
on
the
ship
Santa
Maria
de
Venezla,
covering
a
voyage
from
Cadiz
to
London.
"The
word
'assurance'
appears
merchants
and
money
lenders
and
to
have
been
first
used
In
the
reign
1
each
one
of
these
wrote
his
name
of
Queen
Elizabeth
pertaining
to
down
on
the
policy
for
a
certain
the
only
form
of
protection
then
amount
of
the
amount
Insured.
In-known
in
England
marine
insur-
Tartably
they
did
It
this
way,
"I,
ance.
John
Smith,
am
content
with
thi
"In
1559
In
his
address
In
opening
Insurance
which
Ood
preserve
for
Elizabeth's
first
Parliament,
Sir
Nl-
:
one
hundred
pounds
this
20th
of
cholas
Bacon
said,
'Doth
not
the
'
January.
1680.'
wise
merchant
In
every
adventure
"When
the
whole
amount
of
the
of
danger
give
part
to
have
the
rest
policy
had
been
underwritten
or
assured.'
:
uibrcrlbed
the
policy
was
registered
"In
1601,
still
In
Elizabeth's
reign
at
an
office
established
In
the
Royal
Parliament
created
a
commission
to
Exchange.
This
Is
called
Individual
decide
disputes
under
marine
In-1
underwriting
and
In
theory
is
what
rurance
contract
and
the
following
1
is
done
at
Lloyds
today.
For
a
hun-sentence
'
appears
In
a
statute
then
dred
years
this
method
was
In
prac-passed:
tlce
but
the
trade
of
the
seventeenth
'Dy
means
of
a
policy
of
Insur
ance
it
cometh
to
pass
that
upon
the
loss
or
perishing
of
any
ship
there
followeth
not
the
undoing
of
any
man.
but
the
loss
llghteth
ra
ther
easily
upon
many
than
upon
few.
j
was
Those
simple
words
contain
the
latf
r
foundation
or
fundamental
prin-'days
ciples
of
marine
Insurance.
'Fire
Insurance,
or
the
Insuring
or
property
on
land
against
fire
came
to
England
very
late.
Monopoly
Planned
-On
ortnhi.1-
ia
imi
n
pe"-derwrltlng
'
made
,naaE
a
,
practise
Pracuse
0
or
business
ousiness
01
of
un-
un-tlr?
JZl
,
or
assuming
portions
of
m,
!
rK
L
lnttpciti
?
,bJ
marine
insurance
policies
and
shlp-hU
nSrniv
nSSSf
,
ping
men.
Here
It
was
that
marine
Itt
S;8
toPP"e
insurance
as
a
business
distinct
and
UUN
on1
tn
mult
V.I.
.1
i
n
J
r
"":
m"
.rt
L-
came
very
bvwy
for
he
hever
got
time
to
sign
It
and
later
attempts
also
failed.
The
great
fire
of
London
In
1666
burned
over
435
acres
and
destroyed
over
S3
per
cent
of
the
buildings
with
a
loss
of
over
ten
million
pounds.
This
fire
was
responsible
for
the
birth
and
progress
of
the
first
fire
Insurance
office
In
England.
"In
1647
Nicholas
Barbcuvone
cf
1.40
.02
...
.25
.15
Monday,
Nov.
9,
193.
the
first
and
most
important
buil
ders
of
London
opened
an
office
where
he
individually
proposed
lu
insure
buildings.
He
had
some
success
and
In
1680
he
formed
a
partnership
and
formed
the
"Fire
Office"
at
the
back
side
of
the
Royal
Exchange.
The
capital
of
the
firm
was
40,-
000
or
about
$200,000
to
be
increas
ed
20,000
for
every
ten
thousand
houses
insured.
Rates
were
charged
j
so
much
per
cent
on
the
yearly
ren-
cal
value.
Rental
value
was
com-1
puted
as
being
10
per
cent
of
the
building
value.
It
was
believed
that
,
Interest
of
the
fund
would
pay
all
losses
and
leave
a
good
profit.
1
"They
must
have
had
luck,
fori
their
plan
allowed
them
no
opportunity
for
discrimination
in
risks,
;
and
there
were
few
facts
to
tj
on
and
only
most
crude
statistics,
'
yet
somehow
the
business
prosper-
ed.
Possibly,
the
recent
fire
hadi
taught
the
people
caution
and
thus
reduced
the
probability
of
fire
to
a
minimum.
i
The
very
success
of
the
company
threatened
to
kill
It
within
a
year.
"Envy
and
opposition,
were
followed
by
a
socialistic
demand
that
such
profits
should
not
go
to
a
private
concern
but
should
accrue
to
the
people.
The
London
Common
Council
voted
to
go
into
the
business
at
a
lower
rate
than
the
fire
office
and
opened
ah
office
and
is-1
sued
policies.
"In
a
year
or
so
;trre
city
aban-1
doned
the
project
and
the
"Fire
Of-;
flee
at
the
back
of
the
Royal
Exchange
was
thus
left
alone
In
the
field.
Its
symbol
or
trade
mark
was
a
phoenix
arising
amid
flames.
;
'This
symbol
or
trade
mark
was
placed
on
all
buildings
they
Insured
and
so
the
Fire
Office
soon
became
known
as
the
Phoenix
Office.
"The
story
of
Lloyds
Is
a
long
story
In
Itself.
It
was
a
development
of
the
early
days
of
marine
insur
ance.
It
was
first
heard
of
in
1688.
In
those
days
when
a
marine
policy
was
written
It
was
taken
by
the
broker
around
to
various
bankers,
century
In
Britain
was
ridiculously
small.
But
towards
the
end
of
the
century
business
started
to
pick
up
and
this
method
of
writing
insur
ance
was
found
to
be
too
slow
and
n
1688
we
begin
to
head
of
Lloydv
a
coffee
house
In
Tower
Street,
In
Lombard
Street.
In
those
coffee
houses
were
used
as
ni.-ctlng
places
for
different
classes
of
men.
one
would
be
used
by
bank
crs,
one
by
actors,
one
by
shipping
men
and
Lloyds
coffee
house
was
a
rendezvous
for
business
men
who
News"
was
first
Held
Monopoly
"In
1720
Lloyds
was
followed
by
two
Insurance
companies,
the
London
Assurance
and
Royal
Exchange.
They
were
the
insurance
system
and
held
a
monopoly
for
100
years.
The
act
of
1824
put
au
end
to
the
monopoly
and
many
other
companies
came
Into
existence,
some
stock
selling
Ideas
and
some
substantial
companies
and
the
Joint
Stock
The
Letter
Box
ItKI.IEF
WORIv,
.dltor
Dally
News:
In
jour
editorial
of
3rd
Instor.l
re-.arding
ri'licf
work.
,Yu
referred
to
urn
nun
in
their
own'
homes
and
men
'hut
saved
5(IO.
If
those
people
mean
o
make
Itupvrt
their
home,
why
not
ves
tlvrir
money
as
other
people
iiave
done?
It
milked
it
easier
for
liosc
kind
of
neojjtf
to
clear
out
when
ihe
opportunity
presents
itself.
There
:re
men
in
this
city
holding
good
Jobs
or
quite
11
number
of
years
earning
i'rom
l
to
7
per
day
and
they
don't
all
own
their
own
homes
and
still
holding
those
ohs
on
relief
work.
.
As
far
as
this
city
Is
concerned
there;
are
lots
of
things-could
he
adjusted
oil
the
present
relief
scheme.
There
are
m-ii
working
011
this
city
could
leare
off
for
six
months
and
not
injure
them
selves
11
lid
give
the
other
poor
man
a
1
ha
nee
to
get
a
decent
living.
Thanking
you,
Mr.
Ivdilor,
MUSKS
UHOWN.
New
Outboard
Record
Hilda
Mueller.
Bay
City.
Mich-set
a
new
world's
outboard
mo-torboat
record
at
the
recent
races
at
Oakland,
California.
Companies
act
of
1814
put
countless
companies
out
of
business,
mere
stock
gambling
companies.
"Lloyds
form
of
policy
was
originally
adopted
in
1779,
slightly
amended
in
1850
and
1874
and
Is
still
ueed
as
amended
today
in
all
standard
marine
Insurance
policies.
The
phraseology
Is
quaint
and
some
of
the
expressions
would
appear
to
be
Shakespeare
but
the
reason
no
change
has
ever
been
made
in
the
form
is
that
lawsuits,
appeals
to
the
privy
council
and
even
the
House
of
Lords
have
been
made
and
precedents
established
on
every
meaning,
clause
and
warranty
In
the
policy.
"Fire
Insurance
came
to
this
continent
In
1752
In
Philadelphia.
"The
company
had
a
long
cumbersome
name,
caljed
"The
Philadelphia
Contrlbutlonshlp
for
the
Insurance
of
Houses
From
Loss
by
Fire.'
1
"This
company
under
the
name
of
the
'Hand-ln-Hand'
still
flourishes
though
its
area
of
activity
Is
very
limited.
"Companies
began
to
multiply
quickly
In
the
States
and
soon
hundreds
of
companies
were
scrambling
for
a
living.
Some
of
them
had
short
lives,
others
exist
today.
"To
give
an
example
of
the
precarlousness
of
their
position.
On
December
18,
1835
there
was
a
conflagration
in
New
York
and
as
a
result
23
of
the
26
local
companies
failed.
"In
the
early
days
of
fire
Insurance
companies
It
was
a
common
practise
for
insurance
companies
to
donate
fire
apparatus
such
a
hose.
reels
and
other
equipment
to
towns
and
we
find
away
back
in
1830
something
the
city
of
Toronto
asking
the
Aetna
Insurance
Co.
for
a
fire
reel.
"The
first
companies
to
write
Insurance
In
Canada
were
the
Phoenix
of
London
In
1804
and
the
Aetna
In
1821."
THE
DAILY
NEWS
Monday,
November
9.
193
Proof
that
all
good
thin
do
not
come
to
an
end.
..
:'
.....
Copy
of
Wire:
'
Write
Plainly
AH
Messages
are
receive"
scMcct
to
the
following
conditions:
The
Government
din
1
1
not.
I
U"''1
fw
'Jumages
arising
friMn
failure
In
transmit
ve
Mrrir,
er
tot
any
error
In
the
transmission
or
delivery
of
any
Utairam.
wlwtfer
Iwuneiilng
fruin
ncg!irne.
'
III
servant
tMrrvJw,
or
for
delays
from
inle
rruptmu
iu
the
vv.-r.liHl
of
ds
Hues,
or
for
rirurs
frou
tlleeibl.
writ
inf.
beyond
a
refund
of
the
ainnant
rr!d
for
sending
the
Mime.
rrt'f
tfr
error
In
rvjaled
telegram.
In
,..
id
1.
M
i
tteoi
v
the
.1.
i.
u
will
repeal
lurk
an
me
age
fun
a
tJrnM1
f
!!
It
remtetr
1W
fur
trail-mi
W
sod
in
ilwt
case
It
shall
cm
U-
liable
far
daaugea
esrecding
fifty
lime
the
amount
irc.iveit
for
sending
awl
iviraliiig
any
n.u-
niis
age.
In
00
oif.e
will
lie
fovfrfamenl
be
esMHiJble
far
II'
correct
nesMif
cifliher
r
obscure,
telegrams,
vlt.Uirr
repeated
or
lltt
The
CwrrwMrnt
shall
o!
be
liihle
f
an
art
or
wnlssl.ni
occurring
beyond
it
osvil.llne.
I
wit
will
tU-nr
In
forward
telegrams
by
ainy
other
linen
necessary
to
reach
their
destination.
.
...
-
.
.
..
P.
ft;
Sims.
General
Superlnleodcnt.
Sent
No.
Se.it
Send
the
following
Message
subject
to
the
above
terms'
which
are
agreed
to:
To
H..
WOOLFE
VANCOUVER,
B.
C.,
NOV.
5,
1931
PRINCE
RUPERT
HOTEL
.
PRINCE
RUPERT,
B.
C
.
HAVE
PURCHASED
STOCK
W.
H.
FQRT
IN
PORT
HANEY
'
CONSISTING
OF
DRY
GOODS
SHOES
.
AND
HARDWARE
AT
THIRTY
THREE
AND
THIRD
CENTS
ON
THE
DOLLAR
STOP
ARRANGING
TO
SHIP
BY
FIRST
AVAILABLE
BOAT
SHIPPING
THIS
MERCHANDISE
FOR
QUICK
DISPOSAL
PRICE
EVERY-
;
.
THING
The
above
wire
means
that
the
thrifty
buying
public
of
Prince
Rupert
will
have
an
opportunity
that
they
have
long
looked
forward
to.
There
will
be
bargains
of
unbelievable
values.
This
stock
will
be
on
sale
at
the
store
we
now
occupy,
PHILLIPSON'S.
Watch
your
papers
and
our
windows
for
further
announcement
of
this
rare
event.
SPORT
NOTES
!i
TROPHIES
PRESENTED
Anoutl
Banquet
of
Junior
Football
League
Saturday
Tlie
annual
l.i
liquet
nf
tlie
Junior
Fnntlinll
leuKue
wni
held
on
Saturday
evening,
in
the
llnslnn
Cafe.
In
the
uiuivuittuble
liefiee
nf
the
prenldent.
J.
S.
WlUiiii,
the
vlre-prenideut,
John
('amphell,
presided
nrer
a
targe
Kutlivr-ln
computed
nf
(lie
player
nf
tlie
vnr-iimx
teams,
nflirial
at
the
leiiKtie
and
Kiiests.
.Vrter
a
(lriidid
Mipper
had
lireit
rn-iuyed,
UiO'or
II.
Ornie
addressed
the
boys
and
then
presented
medals
lo
-ncli
member
or
the
High
School
team.
The
llnehrster
Shield,
the
Junior
League
trophy,
was
presented
by
the
donor,
II.
H.
Ilneli.'drr,
to
Alex.
Wallers,
captain
of
tlie
lligli
School
team.
Mr.
Itoclien-Irr
congratulated
(he
winning
team
ami
(Mike
words
of
commendation
to
the
members
nf
the
llontli
and
llorden
trains
and
following
the
custom
(
former
years,
ordered
Hint
the
shield
should
be
engrarril
with
the
winner's
lame
at
his
expense.
Short
and
suitable
addresses
were
given
by
O.
W.
Johnstone,
representing
the
Sons
of
(jiiiadu;
(leorge
Mitchell,
irpiewnliiig
tlie
111
Us
;
llerl
Morgan,
president
of
the
FiMitbull
Association,
and
by
I).
II.
I
tartness
and
W.
W.
(I
O'Neill.
The
chairman
spoke
in
a
dual
capacity,
as
t
Icv-preshlrnt
of
the
Junior
league
and
on
behalf
of
the
Trades
and
Luboi
l.ouuril.
I
he
Juuiur
Football
League
is
to
be
congratulated
on
haviug
such
ttauucli
fritudt
and
sup
GOVERNMENT
TELEGRAPH
DEPARTMENT
O
F
PUBLIC
WORKS
DOMINION
OF
CANADA
Give
Full
by
Hereired
h
Time
Sent
S
II
NL
CN
BELOW
COST.
READ
THE
NOTICE
AND
.
"
Vf.
I.-
I
!
porters
as
the
Trades
and
Ijibor
Council,
tlie
Soin
of
(jiuwU
and
the
I'Uks.
Ilegrrt
was
voiced
at
the
unavoidable
altsetue
of
J.
S.
Wilson,
ImiI
the
various
hfieukers
took
ailstinlage
of
his
absence
by
speaking
itt
term
of
lilgli
praise
of
his
wuik
on
Ixlulf
of
Junior
football
in
lite
city.
Heiwetii
the
various
addresses
splendid
luusieal
program
was
arranged
by
Mhs
S.
A.
Mills,
secretary
of
the
league.
This
program
Included
violin
hoIim
by
Uobby
Houston,
accordion
selections
by,
Julius
Welle,
ami
vocal
solo
by
J.
A.
Teug.
Mm.
J.
S.
Black
was
arrotnMiiii
for
the
musical
ni-grauiinr.
A
very
liuppy
ami
enjoyable
evrning
Ivrralnatetl
by
Hie
singing
of
the
national
aiillieiu.
CRIBBAGE
SCHEDULE
November
9
O
rot
to
vs.
Moose.
Musketeers
vs.
Seal
Cove.
8wltt's
vs.
I.
O.
O.
F.
1
Elks
vs.
Prince
Rupert
Hotel.
Eagles
vs.
Knights
of
Columbus.
November
16
Moose
vs.
Elks.
I.
O
O.
F.
vs.
Engles.
Grotto
vs.
Swift's.
Prince
Rupert
Hotel
v.
Musketeers
K.
C.Vt
vs.
Seal
Cove.
November
23
Swift's
vs.
Seal
Cove.
Elks
vs.
Musketeers.
'IO.
O.
F.
vs.
Moose.
Eagles
yi.
Prince
Rupert
Hotel.
Giotto
vs.-
Knights
of
Columbus.
SERVICE
Address
Use
no
Figures
Time
Filed
diet
M.
L.
GREENE
8:35
.P.
M.
AGREEMENT
AT
THE
.TOP
'
,
November
30
Seal
Cove
vs.
Elks.
Musketeers
vs.
Eagles.
Moose
vs.
Swift's.
Grotto
vs.
I.
O.
O.
F.
K.
C.'s
vs.
Prince
Rupert
HoteL
December
7
Swift's
vs.
Prince
Rupert
Hotel.'
Musketeers
vs.
Grotto.
Moose
vs.
Seal
Cove.
Eagles
vs.
Elks.
I.
O.
O.
F.
vs.
K.
C.'s.
Old
Country
Soccer
SATURDAY'S
SCORES
Scottish
League
Second
Division
Alloa
8:
Edinburgh
City
2.
Boness
3;
Kings
Park
2.
Brechin
City
3;
Dunfermline
Athletic
0.
Dumbarton
0;
Hibernians
2.
East
Fife
4.
Arbroath
1,
East
Stirling
0;
Armadale
I.
Forfar
Athletic
2.
Ralth
Rovers
Queen
of
South
4.
Albion
Rovers!
a
'
St.
Bernards
2;
St.
Johnston
2.
Stenhousemulr
3;
Montrose
0.
!
Enjllr.h
League
Second
Division
Bradford
1;
Bradford
City
0.
BurnVy
r:
Plymouth
Amle
1.
Charlton
Athletic
2;
Portvale
1.
Oherlerfleld
1:
Nos
rounty
4
Manchester
United
2;
Leeds
Unl
tea
o.
t!
Nottingham
Forest
1:
Barnsley
Preston
North
End
1
;BrIstol
City
1.
Southampton
1;
Oldham
Athletic,
t.
Stokeclty
3:
Bury
2.
Tottenham
Hotspurs
6;
Swansea
Town
2
Wolverhampton
Wanderers
5-Mlllwall
D.
gs
or
Abbreviations
BASKETBALL
SCHEDULE
November
10
Rovers
vs.
League
of
Nations.
Amazons
vs.
Blue
Birci
Tuxls
vs.
High
School
C.
N.
R.
vs.
Panthers
November
1J
Boy
Scouts
vs.
Japan'-''
As-"-Tuxls
vs.
High
School
Amazons
vs.
Comets.
32
Taxi
vs.
C.
N.
R
November
17
Rovers
vs.
Boy
ScouH
High
8chool
vs.
Merchan
t
Blue
Birds
vs.
Comets.
Panthers
vs.
32
Tux).
If
you
have
headaches,
or
suffer
biliousness
or
indigestion
take
cn-Nsti--.