A Prospect of the probable Benefit and Advantage which may be made by the Chamber of London, In Case they should Undertake the Design of Insuring the New-Brick-Buildings from Fire, according to the Report which will be made by the Committee, to whose Consideration the same was Referred.
PResuming there are not less than Twelve Thousand Houses of the New-Brick-Buildings: These in their Value (or Charge of a Re-building) one with another, may be esteemed at Two Hundred and Fifty Pounds each House: And Three per Cent on the whole Number of those Houses, will Raise Ninety Thousand Pounds: The Interest whereof at Six per Cent, will Annually Amount to Five Thousand Four Hundred Pounds, and will be a fair In-come to Discharge both the Expence in the Managing, and the Re-building of the Casualties, which may happen by Fire to those Buildings; and in all probability Four Thousand Pounds Yearly may be Gained by the Chamber of London, if they shall undertake the Insurance. The Casualties by Fire (since their Re-building of the City) not having Amounted to Five Hundred Pounds Yearly, one Year with another, amongst those New-Brick-Buildings.
So that (if the Design be Accepted of) there is a Prospect, for each Seven Pounds Ten Shillings so paid by the Inhabitant for his Insurance, an Improvement to him of One Hundred Pounds, or Four Years Purchase on each House: And in the whole, will Amount to One Million of Pounds Sterling: And the Chamber of London as probably may Discharge the Undertaking for a Yearly Expence, of One Thousand Pound, which cannot with the like Authority be Managed by any private Hand.
And yet, unless the Chamber of London shall forthwith Declare their Resolution to Prosecute the Design, it will not only be an Incouragement of a further Success to that at present which is set on Foot; but likewise will be an Invitation to other Persons, to Engage on the like Design; of which it is Reported, Ten Thousand Pounds per Annum, will e're long be Offered as a Security for Discharging the like Undertaking