MEXICAN ROMANCE OF WEALTH.

Auckland Star, Issue XXXVI, 21 October 1905, Page 13

MEXICAN ROMANCE OF WEALTH.

OFFER TO PAY THE NATIONAL DEBT. It is reported that Senor Pedro Al vara do has renewed his offer to pay off the Mexican National Debt, which amounts to over £3,000,000. This rich and patriotic Mexican has had a romantic career, some details of which are given in the "Liondon Mail." Senor Alvarado's father acquired a grant from the Mexican Government to work the Palmilla Hill, near Panal, upon payment of an annual tax of £S. With crude tools the father and son worked the hUI, but the fattier was not fated to reap the riches of the mine.

He died five years ago, importuning bis son never to abandon the work of development. The son, following in his father's advice, succeeded in borrowing to develop the mine, and the old man's wildest dreams were more than realised in three years. Within a period of 30 days the son not only paid off a £36,000 loan, but also had £40,000 to his credit. A month later his income was £0000 daily, and since then it has Increased steadily. His sucsess has astonished all Mexico. The Palmilla Mine is fully equipped with modern machinery, and the present output is nearly £6000 daily. More than a thousand men are employed. Senor . Alyarado is extremely charitable and au extraordinarily shrewd man of business. He has seen nothing of the world, and, indeed, has never been outside his province. When very yonng he married the daughter of a. Mexican-Indian labourer, and has four sons and one daughter. He has built a palatial residence at a cost of £200,----000. A large vault in the house contains several millions of money, which is guarded by armed servants. The house contains a chapel and apartments for a priest, for Senor Aivarada is a devout Roman Catholic. He is only 38 years of age, is of medium height, and has the usual dark complexion of the Mexican race. Temperate in his habits, he is unassuming and quite unspoilt by fri*= great wealth.

Senor Alvarado some time ago conceived the idea of sharing his wealth with his countrymen but legal obstacles prevented the acceptance of his offer. He then asked that the laws should be changed but so far the authorities have not met his wishes. The renewal of his offer is due to the discovery of another rich ycju in the Pararilla mine.