Ever hear of the giant insurance company, Lloyd’s of London. It started as a coffee house.
Back in the day, many people used coffee houses as their business office. Houses and streets were unmarked, and inviting a stranger to your home could be problematic. Meeting and making a deal at the coffee house was safer and simpler. Without a central post office, it was a lot easier to send a letter to ‘John Doe care of Lloyd’s’ than to expect it to find your house.
Pretty soon, folks got the idea of setting up companies to invest in ships to the New World. If one guy invested all his money in one ship, there was a reasonable chance that it would sink. If he got together with nine other people they could send out ten ships, and if only two made it back they’d still read a profit.
Look on Youtube for an old BBC series 'Connections."
It’s the history of science, showing how one change can cascade through time. To continue the story; the new insurance companies wanted their ships to survive. They studied the matter and figured out that pine tar was the best way to stop leaks. There were plenty of pine trees in the New World, so they contracted some Americans to make pine tar, promising to buy all they could deliver. The process had other byproducts, and eventually drinking coffee led to the creation of the chemical industry.
Ever hear of the giant insurance company, Lloyd’s of London. It started as a coffee house.
Back in the day, many people used coffee houses as their business office. Houses and streets were unmarked, and inviting a stranger to your home could be problematic. Meeting and making a deal at the coffee house was safer and simpler. Without a central post office, it was a lot easier to send a letter to ‘John Doe care of Lloyd’s’ than to expect it to find your house.
Pretty soon, folks got the idea of setting up companies to invest in ships to the New World. If one guy invested all his money in one ship, there was a reasonable chance that it would sink. If he got together with nine other people they could send out ten ships, and if only two made it back they’d still read a profit.
https://en.wikipedia.org/wiki/Lloyd's_of_London
That was the best read I’ve had all day, thanks Sgt. Awesome!
Look on Youtube for an old BBC series 'Connections."
It’s the history of science, showing how one change can cascade through time. To continue the story; the new insurance companies wanted their ships to survive. They studied the matter and figured out that pine tar was the best way to stop leaks. There were plenty of pine trees in the New World, so they contracted some Americans to make pine tar, promising to buy all they could deliver. The process had other byproducts, and eventually drinking coffee led to the creation of the chemical industry.
Thanks!
I found this, which I’ve only watched a few minutes of but is I suspect what you were referring to?
https://m.youtube.com/watch?v=XetplHcM7aQ
That’s the one. Enjoy!
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