Selected quad for the lemma: city_n

Word A	Word B	Word C	Word D	Occurrence	Frequency Band	MI	MI Band	Prominent
city_n	penny_n	pound_n	shilling_n	22,719	5	13.6986	5	true

Text snippets containing the quad

ID	Title	Author	Corrected Date of Publication (TCP Date of Publication)	STC	Words	Pages
A53170	Observations on the proposals of the City, to insure houses in case of fire	Fire Office (London, England)	1681 (1681)	Wing O105; ESTC R213578	7,141	6

Observations on the Proposals of the CITY to Insure Houses in case of FIRE WHEN Right is Invaded all manner of Defence is lawful Therefore since the City of LONDON endeavour to Set Up the Insuring of Houses from Fire by the Invention of Other Persons it is reasonable to expect that they who were Authors of the Designe and are thereby Injured will not forbear to Publish those Truths which may Lessen their Adversary and be useful to Preserve their Right though by so doing they should seem to Reflect on the Justice Wisdom or Credit of the City of LONDON For that the Gentlemen of the Insurance Office on the Backside of the Royal Exchange were the First Inventors of this Designe must be Granted by All because the City would have otherwise Accepted that fair Proposal that was at first made to the Right Honourable the LORD MAYOR c. viz. To Refer it to Council to determine this Original Right And if it did appear by any of the City-Journals that they had formerly resolved the same war of Effecting this Design or could adde any New Thoughts that improved it other than Lessening the 〈◊〉 or Prolonging the Terms of Insurance which are no Essential differences nor may perhaps be a● 〈◊〉 vantage to the Insured The Gentlemen of the Insurance Office did Promise to desist from Insuring 〈◊〉 City and Liberties And though it may be true that about the Year 1670. Proposals were made to the City about Insuring Houses from Fire upon which a Committee was Chosen to Examine them yet they were extreamly different from this Design and so Impracticable in themselves that they were forced to lay them Aside And it is more than probable that the City could never have Settled this Affair had they not taken the Pattern from the Insurance Office since Ten Years have been spent without making the least Progress in it Now since the Undertaking of the City to Insure Houses is but a Copy of Anothers Invention the best way to Discredit it and shew its Imperfections will be to Compare it with the Original The Method that was at first used to Settle the Insurance Office on the Backside of the Royal-Exchange was thus viz. Propositions for Insuring Houses were Published wherein were set forth the Premium or Rates of Insurance the several Terms of Years the Security of Ground-Rents and manner of Settlement on Trus●●●● And that General Satisfaction might be given several dayes upon Publick Notice were Ap●ointed for those that had Thoughts of Insuring to Meet at the Office to Object and Debate ●hat might be Advantagious or Disadvantagious to the Design and according to the Result of ●●ose Debates this Affair was Setled by Counsel chosen by those that Subscribed to Insure This ●xample the City would seem to Follow Some things they have Imitated not now Ne●●●●●y others Necessary they have Omitted Some things they have Altered which has much pr●●●●iced their Designe All which may be observed from these Four Particulars in their Printed Paper viz. I. Taking Subscriptions II. The Rates of Insurance III. The Terms of Years IV. Their going at last to Council to know whether they can Settle AS to the First Their taking Subscriptions There can be no occasion now unless not understanding the Reasons of the Design they are careful to make a True Copy For though the First Inventors did take Subscriptions because the Design being altogether New they could no otherways discover whether their Propositions were Approved of but by the Readiness of several Gentlemen to Subscribe Yet since this Affair is Setled and gives General Satisfaction there is no occasion of Subscriptions For if the City can in all respects follow This Pattern they have reason to expect the Same Success But it not Why should men Subscribe to their Disadvantage Especially when their Houses are not Insured by Subscribing and it may probably be so Long if ever before the CITY Settle their Fund that their Houses may be Burnt before they are Insured Moreover they may Insure at the Office already Settled and be Released when they find the CITY have made Better Provision for them Therefore there can be no Occasion of Subscriptions unless those Gentlemen of the Committee that drive this Designe believe they may easier engage men to Subscribe than to Pay their Money and by perswading the Court of Alder men the Common-Council the Officers and other Persons who have their Dependency on the City to Subscribe may by their Number and Quality of Subscribers gain a Reputation to their Designe which may serve as an Encouragement to many not thinking persons and supply the Defects of their Settlement and may seem a more effectual way than any Answer that can be riven to the Paper Entituled An Enquiry whether it is the Interest of the CITY to Insure Houses ●rom Fire Though this way will be a kind of force and therefore not lasting THe Second Observation Is on the Rates or Premium of Insurance which is Fourty Eight Shillings per Cent. for Thirty One Years for Brick-Houses and double the Price for Timber and so in pro●ortion for Longer and Shorter Termes This Rate is Two Shillings in Fifty Cheaper than that of the ●nsurance Office which was probably Valued as a great Contrivance to draw Customers The ●ffects of such Practices hath been already Observed in the Paper of Enquiry which is That it ●ust bring Loss to the Undertakers and at last Ruine the Des●gne So that the Managers of this ●ffair seem not so much to regard the Future Consequence as the most probable means to bring ●resent Money to the Chamber and Places to Themselves But since the Gentlemen of the Insu●●nce Office are under this Force they are Resolved rather to Run the Hazard of Losing than ●hat the City should make Advantage by their Invention Therefore that the Easiness of the Terms may be no Encouragement to Insure with the CITY ●hey do Resolve for the Future to Set their Rates at Fourty Five Shillings and Ten Pence per ●ent for Brick Houses for Thirty One Years which is Five Pence per Pound Rent for Brick-Houses for a Year and Double the Rates for Timber and to Discount by way of Purchase viz. ●ive Years paid down for Eight Years Insurance Seven for Twelve Nine and a Half for ●wenty-One And Eleven for Thirty-One Years These Rates are Lower than the Cities and ●ore agreeable to Practice than their Table which is after the Rate of Thirteen Years Purchase for ●ne and Thirty Years and near Sixteen Years Purchase for Fifty-One Years Prices never heard of ●mong Purchasers And do Further Declare That they will Alwayes set their Price Vnder the City though they do not intend to Alter any more till they are Certain that the CITY can proceed and have Settled their Fund This they think they can Better Justifie the doing than the CITY because their Security is ●o proportioned to a Number of Houses that whether the Premium make a

Prejudice And therefore they have no Reason to pay the Loss As hath been formerly said to ●he Creditors that Lent their Money that a particular Faction of Men though then the Majority ●ent the Money to the Parliament and therefore they have no Reason to Pay it Thirdly Suppose the City can Settle those Lands so as to make them Easie to be Recovered ●ow can they be Freed from the Incumbrances of these Debts And bring Easie to Recover ●ow shall the Insured be Secure that Those Creditors will not Seize Them For some of ●hem being put in Mind by the Cities Proposals that the Lands shall be Settled to Recover Without Trouble are Resolved to try what they can do to Get their Money And therefore ●●ve been Advised by Counsel to Sue If the City refuse to Appear the Issues must be levyed ●n the Land which may be a dispute in Chancery whether it is not an Incumbrance from notice 〈◊〉 in the case of Lands setled for payment of Debts a Creditor shall charge them by Filing a Bill it Chancery for Lands of Corporation are in the nature of Lands in Trust If to avoid this Diffi●●lty the City shall Appear then why should they not obtain Judgment and so Seize the Lands ●nd as far as they will go take them to satisfie their Debts Lastly What will become of their Settlement if the City Forfeit their Charter Whether the ●ands of the Corporation do not Devolve on the Crown Who then shall satisfie Losses and Exti●●●●h the Fires By these Observations it may Appear That the Gentlemen of the Committee did not well Understand the Design they were about for which they are not to be Blamed For it is not Reasonable to expect that they should so well on a suddain understand a Design as the Inventor of it who had spent much Time and Study in the Contrivance no more than they may be supposed to understand Law and Physick as well as those that have Studied those Sciences And it is as Reasonable that the City should have the sole Practice of Law and Physick within the City and Liberties because it would be Profitable as that they should Insure the Houses within those Limits and something more Reasonable because the Profit from Law and Physick would be more Certain But however those Gentlemen that intend to Insure their Houses may perhaps consider That by Insuring with the City they Support the Contest which though it bring Down the Prices of the Insurance yet in the End must Ruine the Designe and so will Lose that Advantage which by Encouraging the First Inventors they might probably expect from it And that by Insuring they are not Serviceable to the City for this Design as the Committee have Contrived it may produce some certain Places to themselves but Uncertain Profit if not Loss to the City And besides by Insuring with the City they are Instrumental to take away the Right of the First Inventors and as it were Club to do that which every person were it his private Concern would Scorn to do These are to give Notice to those Gentlemen that have Insured their Houses at the Office on the back-side the Royal-Exchange If they will come to the Office they shall be Repaid the Over-plus of their Premium above the Rate of Forty-Five Shillings Ten Pence per Cent. for Brick and Four Pound Eleven Shillings Eight pence for Timber for Thirty-One Years And so in proportion for Lesser Terms according to the Printed Table Or be made Allowance by addition of Term. And if they shall have further Occasion to Alter their Rates they will make all that have or shall hereafter Insure equal Abatement And they do further give Notice That they intend to Settle the Ground-Rents of Devonshire Buildings the next Term And then to make provision for Insuring Chambers in the Inns of Court and Chancery And have also provided another Parcel of Ground-Rents of Fifteen Hundred Pounds per Annum at Westminster which will make the Security to the Value of near Fourscore Thousand Pounds These they intend to Settle before the Number of Houses upon this Security is Compleat And to give publick Notice somtime before with the Names of Council that are to settle the Conveyances that all Persons desirous of Satisfaction in the Title may resort to them without Fees The Premium or Rate of Insurance for Brick-Houses the same to be reckoned Double for Timber from One Pound per Annum Rent to an Hundred for the Term of Thirty-One Years or Under which is Five Pence in the Pound-Rent for one Year and to Discount by way of Purchase that is Five Years Paid down for Eight Years Insurance Seven for Twelve Nine and a Half for Twenty-One Eleven for Thirty-One For every Pound-Rent Insured Ten Pounds in Money is to be paid as often as the House is Burnt down within the Term Insured This is Forty-Five Shillings Ten Pence for One Hundred Pounds for Thirty-One Years which is Under the Cities Proposal Two Shillings Two Pence per Cent. Pound Rent Insured for 8. Years Insured for 12. Years Insured for 21. Years Insured for 31. Years Houses Burnt Money Paid Lib. l sh d. l. sh d. l. sh d. ob l. sh d. l. sh d. 1 00 02 01 00 02 11 00 03 11 0 ½ 00 04 07 10 00 00 2 00 04 02 00 05 10 00 07 11 00 00 09 02 20 00 00 3 00 06 03 00 08 09 00 1● 10 0● 00 ●● ●0 30 00 00 4 ●● ●● ●● 00 ●● 08 00 15 10 00 00 1● 0● 40 00 00 5 00 10 05 00 14 07 00 19 09 0 ½ 01 02 11 50 00 00 6 00 12 06 00 17 06 01 03 09 00 01 07 06 60 00 00 7 00 14 07 01 00 05 01 07 08 0 ½ 01 12 01 70 00 00 8 00 16 08 01 03 04 01 11 08 00 01 16 08 80 00 00 9 00 18 09 01 06 03 01 15 07 0 ½ 02 01 03 90 00 00 10 01 00 10 01 09 02 01 19 07 00 02 05 10 100 00 00 20 02 01 08 02 18 04 03 19 02 00 04 11 08 200 00 00 30 03 02 06 04 07 06 05 18 09 00 06 17 06 300 00 00 40 04 03 04 05 16 08 07 18 04 00 09 03 04 400 00 00 50 05 04 02 07 05 10 09 17 11 00 11 09 02 500 00 00 60 06 05 00 08 15 00 11 17 06 00 13 15 00 600 00 00 70 07 05 10 10 04 02 13 17 01 00 16 00 10 700 00 00 80 08 06 08 11 13 04 15 16 08 00 18 06 08 800 00 00 90 09 07 06 13 02 06 17 16 03 00 20 12 06 900 00 00 100 10 08 04 14 11 08 19 15 10 00 22 18 04 1000 00 00 London Printed for the Gentlemen of the Insurance Office on the Back-side of the Royal-Exchange where these Papers are to be had Gratis 1681.