THE several Fruitless Attempts that have been made, in projecting a Design for Assuring the Building of Hou­ses Burnt down, may be some Discouragement to offer more on that Subject: But This being well Approved of by many, to carry nothing with It but the Com­mon and Publick Good, after some Years lying by, is, at their Importunity, now exposed to a more General Cen­sure. And that the Design may appear to be Rationally Practicable, and Beneficial for the Publick Good, it will be necessary, First, To consider the Original of Assurances amongst Merchants: Upon Enquiry whereof, it will be found, that the Losses and Impoverishment, which have attended many by great Adventures in one Bottom, was undoubtedly the Cause that first Introduced those Assurances. And by that Means, there was a Mutual Agreement on a Praemio, or Consideration, That a Loss might be made Good, and divided amongst Many; which otherwayes might have fallen to a Particular Person, or some few Persons, to his, or their great Detriment, and Ruin.

This Laudable Custom of Assurances, hath by Experience been found so ne­cessary for the Support of Traders, that it hath been continued for many Ages; and is in Practice in most Parts of the World, at this Day. The Demolish­ment by Fire of the City-Buildings, may be of like Detriment, and Impoverish­ment to those Proprietors.

This Fate being so Epidemical to them, that none knows how soon his Estate in those Buildings may be buryed in its own Ashes; Reason and Ex­perience, which hath introduced and continued the Custom of Assurances a­mongst Merchants, will direct the like Security to be admitted of, for Re-build­ing and Repairing the Casualties of Houses by Fire, to those Proprietors and Inhabitants; both being Adventurers at a Hazard, though in a different kind and Element. And though the late New-Brick-Buildings in the City of London, are Reasonably well Defended by their Thick Party-Walls; yet, by sad Experience we find, each particular Man's Interest in those Inclosures, is, by the Effects of a small Spark misplaced, still lyable to be carryed away with a Flame: And when such an Accident of Fire shall happen to lay Level the Subsistance and In-come of the Inhabitant or Proprietor (who is not in a Capacity to Re-build those Casual [...] [Page 2]those Candle-Rents to such are little better than for ever Extinguished. Former Ages have felt the Strokes of this Formidable Enemy: We of late Years have seen a great part of our City laid in Ashes, by its Furious Rage. And who, though the last Burnt down, can be so secured, as not to be the next Demolish­ed by Fire? This is our general Hazard and Grievance. And yet, At what a Cheap Rate might the Builders and Proprietors give themselves Ease in a great Measure, by counterballancing these Inconveniences? If we take an Account of the Houses in the City of London, they will be found so Considerable in Num­ber and Value, that an Advance of Five Pounds per Cent. (though but of one Third Part of the Proprietors of the late New Brick-Buildings) in Proportion to the Value of those Houses, would raise a sufficient Joint-Stock, to assure a Rebuild­ing of every Casualty of Fire, which may happen amongst them. A Prospect of some things Considerable, which will accompany the Design, (to the Bene­fit of the Proprietors, and the general Good of the City) are hereunto added, and left to the Consideration of such as may be concerned in it.

First, That which will make the Design practicable at an easie Rate and Charge, must be, the mutual Agreement of a considerable Part of the Inhabi­tants and Proprietors, to become Adventurers in raising the Joint-Stock, for dis­charge of the Undertaking: Many Hands Contributing, lightens the Loss, and gives Ease in the Charge of the Re-building and Repairing. Upon a Mode­rate Calculation of the City New-Brick-Buildings, and their late Years Casual­ties by Fire; if but one Third Part of those Inhabitants and Proprietors should make their Subscriptions of Five per Cent. according to the Value of their Hou­ses, or Charge of Rebuilding, a Joint-Stock of Fifty Thousand Pounds might be raised amongst themselves, for carrying on this Design. We will believe, there are not less than Twelve Thousand Houses of the late New Brick-Buildings, in the Ci­ty of London: These, one with the other, may be Esteemed in their Value, or Charge of Re-building, at Two Hundred and Fifty Pounds per House; which, at Five Pounds per Cent. will be Twelve Pounds, Ten Shillings on each House. So that, Four Thousand Houses (the Third Part of those Buildings, at Twelve Pounds Ten Shillings per House) will amount to Fifty Thousand Pounds. But should Subscrip­tions be made only of Two Pounds per Cent. for the whole Number of those Twelve Thousand Houses, in proportion to their said Value, a Joint-Stock of Threescore Thousand Pounds might be raised amongst themselves, for discharge of the Undertaking. And in probability, such a Stock, with the Improvement, might for ever perpetuate the Re-building of all the Casualties by Fire, hap­pening to those Adventurers. And as it may be employed, in few Years they may receive Dividents out of the Improvement. So that, a perpetuated Assu­rance for a Re-building, &c. to be made by a Joint-Stock, raised in propor­tion to the Value of the Houses, will be found to be more Advantagious, and purchased at a much easier Charge, or Praemio, to the Adventurers, than should such an Assurance be undertaken, but for One Years time, by a private Hand.

Secondly, This Joint-Stock thus to be raised for discharge of this Underta­king, will cause a Mutual Participation of Rejoycing one with another, in their Preservation; and will be a Comfortable Relief, and a Secured Reparation, in case of Future Demolishments. And undoubtedly, this Security, as it will be an easie Purchase, so it will be more Safe and Satisfactory, and more Acceptable to them, than should any other Assurance be attempted to be set on Foot, by a private Hand, and tending to a private Profit.

Thirdly, This Assurance will be Purchased at an Easie Rate, for the Securi­ty and Relief of the Widow, Orphan, Aged past their Labour, and such others, not in a Capacity of Re-building; whose whole Maintenance may depend on a Hazardous In-come, by a small Rent of Houses.

Nor can this easy Charge of Re-building, &c. be otherwayes than welcome, to those in a better Condition than the Former. These, as they have a grea­ter Concern in Buildings, have a greater Value hazardous to Demolishment; and are not more exempted from this Fate, than the others: Nor can any such Interessed assure himself, that he shall not be the First that may have Cause to wish for this Publick Reparation.

Fourthly, That as the Adventurers do in one proportion Contribute towards raising this Joint-Stock, and each Building is equally lyable to Fire; none knowing which shall be the First, or Last, that may be Burnt down; or how often the Casualty of Fire may be repeated to one and the same Fabrick: So, whil'st any of the said intended Joint-Stock shall remain unexhausted, the Re-building and Repairing must be as often repeated out of the same. And these multiplyed Reparations, and perpetuated Advantages, upon one Consideration or Praemio, cannot be parallel'd on any other Method of Assurances, than this by a Joint-Stock.

Fifthly, By this Assurance of Re-building, &c. the Brick-Buildings in this Ci­ty, would in a great Measure be acquitted of their Name of Candle-Rents. Those Houses would be esteemed a good Settlement on Marriage, for the Pro­vision of Wives and Children: And likewise, may be offered as a good Secu­rity for the Supply of the Occasions of the Interessed.

Sixthly, The Inhabitant, or Tenant, by this Assurance made to him, will un­doubtedly enjoy his Habitation, (either the Former, or Latter Re-built.) For the Term of Years he may be concerned in it, he will in a great Measure be se­cured from his Covenants of Reparations: And in a short time, after every such Accident of Fire, he will be restored again to his House, and Trade; with­out which, possibly, he might never return to Either.

If the Landlord will not join with the Tenant to perpetuate the Assurance, he may be admitted only for his Term of Years; when Abatement will be made him proportionable for the time, to his Satisfaction, &c.

Nor can such Inhabitant, or Tenant, who shall neglect to make his own Security, reasonably propose, that any other Assurance, which may be made with this intended Joint-Stock, shall give him Ease in his Covenants with his Land­lord for such Reparation, or Re-building, in case of Casualty by Fire.

Seventhly, When the Inhabitant, or Tenant, will not be at the Charge of this Assurance for his own Security, it will be the Landlord's Interest to do it for himself: His Estate will be advanced in the Value from Twelve Years Purchase, to Sixteen Years Purchase, upon the Sales thereof; and will Amount to Four times the Value of the Money, which he Disburseth towards raising the Joint-Stock. So that, the great Security and Improvement to his Estate, is purcha­sed at an inconsiderable Hazard, either of Money or Casualty. If towards the raising of this Joint-Stock, he puts in Five Pounds per Cent. on the Charge of Re-building, How small is that to the Value of his Estate, secured; especially, when in few Years, he may be receiving Part thereof again by Dividents, out of the Improvement of the Stock? Or, What can the Hazard be of any Va­luable Devastation amongst those Buildings, when we know, they are Guarded with so many Thousand Ranks of Party-Brick-Walls? And consequently, What [Page 4](probably) can be his Proportion of the Loss on any Casualty; when it is apparent, If this Joint-Stock be raised, should a House to the Value of One Thou­sand Pounds, be Burnt down, Five Shillings per each House, on Four Thousand Houses, will make good that Loss: And so proportionably, a greater or lesser Casualty might be Repaired amongst those Adventurers?

The Covenants with the best of Tenants for Re-building, is not of that Secu­rity, Continuance, or Improvement to the Estate, as may be promised by an Assurance of this Joint-Stock.

Eighthly, This Design set on foot by this Joint-Stock, might be of General Good and Benefit to the whole City, and Inhabitants, by having in readyness a further Supply of Persons of Skill, for managing of Engines, Buckets, &c. And may some otherwayes be Improved for the Publick Good, no less for the Relief of the Poor, than for the Conveniency of others, the Inhabitants of the City.

Ninethly, The Casualties which may happen by Fire amongst the Timber-Houses, are in a greater Proportion, more Violent, and Hazardous; and will not, on equal Terms, be admitted into a Joint-Adventure for Assurances, with those of the Brick-Buildings; though the Method prepared to carry on the De­sign for the Re-building of Brick-Houses, with small Alteration, may be made Practicable, as well for the Benefit of the Interessed in Timber-Houses, as of all other Cities and Places in the World, Numerous and Eminent for Buildings.

Tenthly, The Management of the said intended Joint-Stock, and the Imployment, with the Improvement thereof, will be solely at the Directions, and for the Use and Benefit of such the Proprietors, and Inhabitants, who shall be Adven­turers in raising the said Stock; they undoubtedly will be most diligent to con­sult their own Interest, and Security; as we find it in the Adventurers of the East-India-Company, Guinney-Company, and other Corporations.

The great Care of the Adventurers, will be in their Choise of Persons of Ho­nesty, and Ability, who may faithfully discharge their Trust, in managing their Stock; whereby it may be best secured, and imployed, for Discharge of that Undertaking it is raised for.

The Design may be set on Foot, by his Majesty's Gracious Letters Patents, for Erecting a Corporation: And undoubtedly, in the Managing, must discover those Advantages, which at this distance cannot be fore-seen. The Method to make the Design Practicable, will be produced, when the Proprietors and and Inhabitants of the Houses, shall be prepared for raising the Stock; or that it may be any wayes Useful for a Publick Good.

If it should be asked, Where this Joint-Stock shall be Lodged? or, How it shall be Imployed and Improved? It is Answered, It will be at the Disposal of the Cor­poration; which probably by them may be fixed in the Chamber of London, (an Undoubted Security) or may be otherwayes disposed of, at their Discretion.