Lloyd's Coffee House

Lloyd's Coffee House

first established in Tower Street in 1688, removed to Abchurch Lane 1692.

[Lloyd's Coffee House, Abchurch Lane, Lombard Street.] Edward Lloyd is first heard of at his "Coffeehouse in Tower Street" in 1688. His business grew, and in 1692 he removed to the corner of Abchurch Lane in Lombard Street. This house became a resort of merchants and shipowners; periodical sales of ships "by candle" were established, and in 1696 Mr. Lloyd started a newspaper, Lloyd's News, expressly intended to furnish intelligence relating to ships and maritime affairs. In its early years the sales were of wines and general products as well as of ships, but as Lloyd's distanced its competitors as a shipping-house these became fewer and finally ceased. Meantime Lloyd's was becoming the recognised centre for underwriters and those who transacted business with them, and the emporium of mercantile news. In a poem, printed in the year 1700, called "The Wealthy Shopkeeper, or Charitable Christian," we read:—

Then to Lloyd's Coffee House he never fails,
To read the letters and attend the sales.

It is noticed in The Tatler of December 26, 1710 (No. 268), and in The Spectator of April 23, 1711 (No. 40). At this time and far on into the 18th century Lloyd's Coffee-house was a free place of meeting, without any controlling authority or established regulations, and consequently in the speculative era engendered by the South Sea and kindred schemes there grew up alongside the legitimate merchants and brokers a set of speculative adventurers and gamblers which threatened to bring discredit upon all who frequented the place. Various schemes for forming the accredited underwriters and merchants into a society bound by fixed rules and governed by a committee were proposed, but it was not till 1770 that the society was actually established. It kept the old name of Lloyd's, purchased Lloyd's List (the successor of Lloyd's News), and took temporary rooms in Pope's Head Alley.

736 Lloyds Coffee House Lombard Street c1691–1785 No. 16 Lombard Street. See Old Lloyds No. 934; New Lloyds No. 893.

934 OLD LLOYDS Coffee House 16 Lombard Street 1769. See Lloyds No. 736, New Lloyds No. 893.

736. Lloyd's Coffee House, Lombard Street. No. 16 (1767).

1691

Edward Lloyd, having 'acquired the lease of a house in Lombard Street, a few doors from the General Post Office' removed from Tower Street in 1691. Old title deeds in the possession of Messrs: Coutts explicitly state that Lloyd's Coffee-house was 'formerly called the "Puntack's Head" situate in Lombard Street', enable the premises to be identified with the building known as No. 16, from 1767 when houses were numbered.

The history of this coffee-house is too voluminous for this reference book: the domestic affairs of Edward Lloyd, his three wives, his children, the births, marriages, and deaths in the family circle; the succession of owners, masters, and waiters and their domestic affairs all relative to the history of the house, are to be found in Wright & Fayle's, and other books on Lloyd's.

The business conducted in the house; the ship-sales and others, shipping intelligence, its special relations with the Post Office, 'Lloyd's News' and 'Lloyd's List', underwriting, relations with the Press, money-raising projects, and subscription lists for relief, all these and a variety of activity previously written in various works, render it unnecessary here to do more than select items for the sake of continuity and incorporate with sundry items gleaned elsewhere.

1692

The earliest known advertisement in which Lloyd's Coffee-house, Lombard Street is mentioned, appears in the 'London Gazette', 20–24 October, 1692: 'On Tuesday the 8th November next, Bennet's Coffee-house in Plimouth, will be exposed to Sale by Inch of Candle, 3 Ships with all their Furniture; the Names whereof are the Teresa, the St. Thomas, and the Palmo, two of 400 Tuns and the other 100. The Inventories thereof to be seen at Lloyd's Coffee-house in Lombard Street, London. The said Ships are enter'd out for Barbados or Virginia.'

1693

In 1693, the Committee of the Hudson's Bay Company paid 'Mr. Loyd the Coffeeman' £3 for intelligence of the Company's ships. In the same year the Committee decided to sell their vessel 'Supply' at Lloyd's Coffee-house. She was sold to Captain Edgcombe for £2,200. (Vol. XXI—The Hudson's Bay Record Society.)

1696

'Lloyd's News' a single sheet devoted to general news and shipping intelligence, made its first appearance in 1696. From No. 8, Sep. 17, 1696, a complete file is in the Bodleian Library. Earlier copies have not survived, or have not come to light.

1700

Feb. 15–19, 1700, appears to be the first mention of a ship being sold by Candle at Lloyd's Coffee-house. Ship-sales at Hain's, Garraway's, and Good's Coffee-houses an nearby, dated back to 1676.

1712–l3

Edward Lloyd died 15 Feb. 1712–l3, and two days later was buried 'in the middle aisle of St. Mary Woolnoth'. In 1892, his remains with those of all others there, were removed to Ilford cemetery where they lie under a common monument.

1713–28

Lloyd's son-in-law, William Newton, succeeded as Master of the coffee-house; he died 17 August 1714. His widow Handy Newton remarried in 1715 to Samuel Sheppard, who remained Master until his death 4th Feb. 1727–28.

1728–34

Thomas Jemson, Sheppard's brother-in-law, succeeded as Master until his death 15th February, 1734.

1728

During Jemson's mastership, he was actively engaged in the dispute between the Coffee-Men and the News-writers: already described under John's Coffee-House, Shire Lane.

1734

The failure then to produce a coffee-house press, evidently induced Jemson and his friends to produce a paper of their own, and largely owing to his efforts, 'Lloyd's List' made its appearance in April, 1734, a few weeks after his death.

1734–38

Jemson left the bulk of his property to his young son, Samuel. His mother, executrix and guardian, renounced probate (as did two alternative executors) and a grant of administration was made on March 26th to Rebecca Sheppard 'Spinster. Guardian lawfully assigned to Samuel Jemson a minor.' From her, the house passed in 1738 to her nephew Richard Baker, who became Master of the coffee-house.

The publication of 'Lloyd's List' in 1734 had led to special arrangements being made with the General Post Office for ship-news, but unfortunately, the Post Office records 'show neither the date of the original arrangement, nor its character, nor by whom it was made'.

1740

The earliest copy of 'Lloyd's List' known to exist is Friday 2 Jan. 1740. Richard Baker's great scoop in March 1739–40, by which he forestalled the official news of Admiral Vernon taking Porto Bello, is recorded in the 'Gentleman's Magazine', 11th March, 1740.

1748

The great fire in Cornhill in March, 1748, did not reach Lloyd's Coffee-house. Richard Baker died two months later, in May, 1748, and the business was carried on by his widow, Martha Baker. By his Will dated 20th May, he left his estate 'to his wife Martha and the child or children she is now big with'. A son, Richard, was born six weeks after his death.

1754

In April, 1754, Martha Baker was remarried to Samuel Saunders, who became Master of the Coffee-house.

From now on Lloyd's Coffee House regularly appears in the London directories as the business address of a variety of merchants, brokers, &c., and the press advertisements indicate the uninterrupted prosperity of the business.

1758

Advertisement in 'Public Advertiser' 23 May 1758: 'To be disposed of three thousand load of the finest manure in the Kingdom lying on the bank of the River Thames where craft at all times may load. Apply to John Staples at Lloyd's Coffee House in Lombard Street.'

1760

No.1 of the 'Public Ledger' dated 12th January, 1760, contains 14 Notices of Sales by the Candle at Lloyd's. A 'Registry of Shipping' was established at this time and ever since has been regularly issued by Lloyd's, in spite of competition both at home and abroad.

1763

Samuel Saunders died in February, 1763. By his Will, he left the Lease of his house in Lombard Street (21 years from 1762 thus expiring in 1783) and his trade and business 'to his Sister Mary and to his brother-in-law Thomas Lawrence, whom he appointed his Sole Executor'. 'Herein' says Wright & Fayle 'lay the beginning of trouble'. Lawrence, instead of carrying on the business himself, put in the head-waiter, Charles Waller, as manager.

1765

In 1765, Thomas Lawrence is referred to as 'an absentee proprietor' and Charles Waller is described as 'Master of Lloyd's'—a title contested by Lawrence.

1768

In the 'London Chronicle' 1768, 'Mercator' makes an attack on Lloyd's Coffee-house: 'The introduction and amazing progress of illicit gaming at Lloyd's Coffee-house is, among others, a powerful and very melancholy proof of the degeneracy of the times ...' (Malcolm—Manners & Customs.)

1769

The attack made by 'Mercator' and the gambling element which permeated the house, was destined to have unexpected results. Dissatisfaction among the normal business customers of Lloyd's, found expression in their decision to make a break. Ignoring Lawrence 'the absentee proprietor' and Waller the self-styled 'Master', and young Richard Baker now aged 21 and too young and inexperienced, they turned to Thomas Fielding, a Waiter at Lloyd's, with whom negotiations were commenced for himself to set-up as a Coffee-man.

Fielding, who 'by his civility and capacity' had attracted attention as a Waiter, had learned the coffee-house business, and he knew the customers of Lloyd's. As to Waller, it seems he was in collusion with the negotiators, and was persuaded, probably by devious means, to give notice to Lawrence terminating his management, Ladyday, 1769.

Fielding secured a lease of No. 5 Pope's Head Alley at a rental of £80 a year, and in March, 1769, circulated a card among the frequenters of Lloyd's Coffee-house, intimating that Waller was retiring in his favour, and that the grant of ship news by the Post Office had been transferred to the 'NEW LLOYD'S COFFEE HOUSE' he was opening in Pope's Head Alley.

Lawrence taken by surprise by these developments, and himself unaquainted with coffee-house management; faced with the resignation of Waller, and the emergence of his former Waiter as Master of a competing coffee-house situated only a few yards from Lombard Street, to which many of his customers were removing their patronage, lost no time in taking into partnership young Richard Baker. In reply to Fielding's card, the following Notice appeared in the 'Public Advertiser', Friday, March 17, 1769: 'To the Merchants, Brokers, and other Gentlemen using Lloyd's Coffee-house in Lombard Street. WHEREAS Thomas Fielding has in his Card addressed to the Merchants, &c., informed them that Mr. Charles Waller, Master of Lloyd's Coffee-house, has quitted the Business in his favour; The Business never was Mr. Waller's, and therefore is impossible for him to give a Business away that he never was Master of, and at the Bottom of this Card informs the Gentlemen the Ship News and all other Intelligence will be entirely removed from Lloyd's at next, which is quite false, as the Ship-News and all other Intelligence will be continued to the old House in like Manner as it has been done for a Number of Years past; and as Mr. Charles Waller, who has been head Waiter in the said House for many years, and who at present carries on the Trade and Business for Mr. Thomas Lawrence (the present Master of the said House, and Executor of the late Mr. Samuel Saunders) has given Notice of quitting the Management of the Trade and Business at Lady-Day next, Thomas Lawrence and Richard Baker beg Leave to acquaint the Merchants and their Friends in general, that notwithstanding all the Reports propagated to the contrary, they have obtained the Grant of the News, and intend carrying on the Trade and Business of the said House as usual, and request in the most humble Manner the Continuation of the Favour of those Gentlemen, which they will endeavour to deserve, and which will be most gratefully acknowledged by their most obedient and most devoted Servants. Tho. Lawrence. Rich. Baker. London, March 14.

P.S. Messrs: Lawrence and Baker beg the Favour that those Gentlemen who intend honouring Lloyd's Coffee House with their Commands for the Lloyd's List, will be so kind to send in their Names and Place of Abode, with the Number of Lists they take, on or before Lady-Day next, directed for Richard Baker at the Bar of Lloyd's Coffee House, and the greatest Care will be taken to have them delivered as early as possible with the greatest Care and Punctuality.'

The struggle was on: not only for patrons, but for the monopoly of ship-news and intelligence from the Post Office, and for 'Lloyd's List' which published the news. Both coffee-houses, Lloyd's in Lombard Street, and New Lloyd's in Pope's Head Alley, resorted to the press for publicity.

20 March.

The 'Public Advertiser' announced the opening of New Lloyd's Coffee House, on the following day.

21 March.

'Lloyd's List' carried a Notice that the paper would be printed and delivered on the 28th under the name of 'New Lloyd's List'.

24 March.

The Notice was repeated in 'Lloyd's List'.

24 March.

The 'Public Advertiser' announced that the house of Lawrence and Baker would be open on the 27th under the name of Old Lloyd's Coffee House and that the 'Marine List and Course of Exchange' would be issued on the 28th with the title of 'Old Lloyd's List'.

27 March.

The advertisement reappeared; but with an important amendment. The house 'will be called Lloyd's Coffee-house as usual' and the Marine List &c. 'under the usual Name of Lloyd's List'.

The title of Old Lloyd's Coffee-house was therefore in existence only for three days from 24th–27th March, 1769. But the public and the directories of the time appear confused for some few years.

It is doubtful if the true history of this break in Lloyd's will ever be known. It is somewhat ominous that the records of the Post Office have nothing to contribute, and yet the struggle by both coffee-houses for the Ship-News and Intelligence from that source, would have been recorded in the minute books. If the New Lloyd's Coffee-house, the one which was destined to survive, had any records of this period, they most certainly perished in the fire of the Royal Exchange in 1838; nothing has come to light apart from the press reports, the entries in the directories and sundry books.

The struggle between the two Lloyd's Coffee-houses continued for some years.

1769–70

The first issue of 'Lloyd's List' under the management of Lawrence & Baker was Tuesday March 28th, 1769, and the issue for April 7th carried a footnote as follows:—No. 3465. 'N.B. Notwithstanding any Reports to the contrary, the Post-Masters-General have been so kind to promise the Continuance of the Ship News to Lloyd's Coffee- House in Lombard Street, the Marine List and Course of Exchange will therefore be published every Tuesday and Friday as usual,' and this Notice appeared in every issue to No. 3614 for October 5th, 1770.

1770–79

The coffee-house in Lombard Street is variously listed as Lloyd's, or as Old Lloyd's, in the London directories from 1770, certainly until 1779, and in fact there is an isolated reference in 1790 Universal British Directory to Old Lloyd's Coffee House, as the address of Thomas Coulter of Ratcliff Highway.

According to the directories the house is still used over these years as the business address of sundry traders. In Kent's, 1774: Robert Furnass, Mercht. & Wharfinger. Hubbert & Donovan, Ships Agent & Insurance Brokers, and Thomas Hubbert, Sail Maker, Sailcloth factor & Ship Broker.

1771

Press advertisements too, indicate that the coffee-house was still in business. The 'St. James's Chronicle,' 17–19 Sep. 1771, No. 1649, advertises a Sale at Lloyd's Coffee House in Lombard Street on 11th October—Several Freehold and Leasehold Messuages or Dwelling-Houses well situated and adjoining to the General Post Office in Lombard Street and now in the occupation of Messrs: Bloxam, Griffiths, Hanbury & Co., Moffats Lawrence & Knight and several yearly rents &c.

1773

The 'Public Advertiser' 1773, shows a payment of £12 to Lloyd's Coffee House for 'Post News' and according to Wright & Fayle 'it is most probable that the postal privileges accorded to the old house were continued so long as it remained open, or at any rate, so long as its proprietors could afford to keep up the annual gratuity to the Post Office officials'.

Ample evidence remains to show that the Lombard-street coffee-house was in decline, and that Lawrence and Baker were fighting a losing battle. The important merchants and men like Angerstein and Van Mierop supported the New Lloyd's Coffee-house, and the original Lloyd's in Lombard-street was forced more and more to rely upon casual coffee-house trade.

1783

It will be recalled that the 21 year lease of 1762 expired in 1783,

1785

and in 1785, No. 16 Lombard Street is described as 'empty, late Thomas Lawrence' 30 September. Thomas Lawrence died in 1788 and his partner Richard Baker fades from the scene. Thus after a period of roughly one hundred years the original coffee-house founded by Edward Lloyd comes to an end.

In retrospect, perhaps the most interesting feature, is the determination of both houses to retain the name of Lloyd's. A compliment at least to Edward Lloyd resting in his grave some 70 years.

To follow the history of the present day Lloyd's it is necessary to turn to New Lloyd's Coffee House, established in Pope's Head Alley in 1769.

See Old Lloyd's Coffee House, 16 Lombard Street. No. 934.
       New Lloyd's Coffee House, 5 Pope's Head Alley. No. 893.

[Lloyd's Coffee House in Lombard Street]

It is clear ... that the business [on Tower Street] prospered, for in 1691 Lloyd took a step which indicates an increased capital and rising ambition; he quitted his old premises and acquired the lease of a house in Lombard Street, a few doors from the General Post Office. Here he was in the very centre of the business world, and entered into competition with the group of flourishing coffee-houses, clustering round the Royal Exchange, where the leading London merchants were accustomed to gather for business, as well as for social purposes Garraway's, the Barbadoes, and Jonathan's in Exchange Alley; the Marine Coffee House, lately Hains's, in Birchin Lane; Elford's, recently removed from Birchin Lane to George Yard, Lombard Street; Tom's and Bridge's in Pope's Head Alley; the Jamaica in Cornhill.

From old title deeds now in the possession of Messrs. Coutts, who have kindly allowed them to be thoroughly examined for the purpose of this history, Lloyd's new premises can be definitely identified with the house known later as No. 16, Lombard Street, the site of which is now occupied by part of the City Branch of Coutts's Bank. Prior to Lloyd's tenancy they had been occupied for a short time by Pontack's—the Ritz of the seventeenth and early eighteenth centuries, where the "ordinary" or table d'hote ranged from five shillings up to a guinea or two guineas a head.[1]

Contrary to the tradition generally received, Lloyd's Coffee House was not actually at the corner of Lombard Street and Abchurch Lane. The corner house was No. 17, then occupied by a hosier of the name of Peck; but Lloyd's premises ran back much farther than Peck's, and extended, behind No. 17, to Abchurch Lane, where they had a frontage of about 43 feet. The two houses formed part of a block of eight (Nos. 10 to 17, Lombard Street) erected by one Thomas Bowes after the Great Fire, and a picture of the General Post Office in or about 1793 shows the general character of the buildings, though it does not actually show Lloyd's Coffee House itself, which was a little further east. Fortunately, a plan attached to a deed of 1773 , and re- produced here by the courtesy of Messrs. Coutts, includes the whole of the property from No. 13 eastwards, and shows clearly the dimensions and ground-floor plan of "the messuage or tenement in Lombard Street aforesaid and Abchurch Lane London called Lloyd's Coffee House number'd (16)," at a time when it was still used for its original purpose.

The dark and light shading in this reproduction represent colours used in the original plan to show the various ground landlords. Bowes had built the bulk of his eight houses on his own freehold land; but in order to complete Nos. 16 and 17, he acquired from the Parson and Churchwardens of St. Mary-le-Bow, the lease of a piece of ground belonging to that parish, whose records have yielded useful information. The dark portion of No. 17 was on St. Mary-le-Bow land, and so was the whole of the light portion of No. 16, with the exception of the small irregular quadrilateral at the extreme rear. This, as we learn from the deeds, was on Vyner's land, and occupied by "part of the Kitchen" of the establishment. They show further that, over a hundred years later, the kitchen of Lloyd's Coffee House had been absorbed into "a large Room ... used by Bankers as a clearing Room."

The frontage to Lombard Street was narrow, only 14 feet 6 inches, and was occupied by a lock-up shop which, in 1698 was in the occupation of one John Finch, a watchmaker.[2] By the side of the shop, a narrow passage led from the front door in Lombard Street to the staircase communicating with the upper floors, and to the larger portion of the ground floor itself an irregular area of about 1,050 square feet, with a depth of 43 feet 3 inches along Abchurch Lane, and a maximum width of 29 feet, corresponding to the Lombard Street frontage of Nos. 16 and 17 together. Part of this area was occupied by the kitchen; part may have been devoted to cellars and store-rooms, and part seems to have been sub-let, at times, to various occupants. The Coffee Room itself was probably on the first floor, as at Waghorn's and other well-known establishments.[3] The Coffee Room may be pictured as a big, bare room, with a sanded floor, not yet divided into boxes by high partitions, but dotted with rough tables, round each of which clusters a group of traders and shipmasters eagerly discussing the business, politics, and scandal of the day.

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[1] The deeds state explicitly that Lloyd's Coffee I louse was "formerly called the Puntack's Head situate in Lombard Street in the City of London and then in the possession of John Le Roch." John Le Ruch appears in the Poor Assessment Rolls of St. Mary Woolnoth for 1687 and i688. (Guildhall MS. No. 1010.)

[2] Guildhall MS. 1010.

[3] This conjecture is supported by the fact that Finch and other sub-tenants are described in the Poor Assessment Rolls as "under Mr. Loyd " (sic), or "under Lloyd's Coffee House." See p. 29 infra.