There is no doubt that the incidents of the last two or three weeks, and the gossiyy which they have occasioned, have done a great deal of harm to the general credit of Lloyd's, a great deal more harm than is in the least deserved. In the words of our Marine Insurance Correspondent writing on Friday last Tt has in the past been the proud boast of Lloyd's that its underwriting members have never proved unable punctually to meet all engagements arising out of marine underwriting. Speculative business may have caused trouble, bat not les underwriting.
to be feared that in the light of recents events the strength of individual underwriters can no longer be regarded as invulnerable.
Wee believe that the credit of ander-writing members would again become practically invulnerable, if they took the necessary steps to secure a semiprivate audit, such as the one we have suggested.
Text read from the printed page and cleaned; old type leaves the occasional error.