THE RICHEST MAN IN MEXICO.

New Zealand Times, Volume XXVII, Issue 5737, 4 November 1905, Page 9

THE RICHEST MAN IN MEXICO.

Five years ago Senor Pedro Alvarado was earning half a crown a day as a mine labourer; to-day ho is tho richest man in Mexico, and has offered to pay off tho Mixicau National Debt of £3,000,000. This is the second time he has made tho offer. He approached tho Government with that object in view when ho first became a multi-mil-lionaire, but ‘'legal obstacles’’ stood in tho way. Whereupon Senor Alvarado demanded that the laws tlrouid bo changed, hut so far the authorities have not granted tho request. Mow they haro the second, and perhaps the lust, opportunity of availing themselves of tho wealthy mine-owner’s generosity.

Senor Alvarado rose from “peonage.” A peon in some of the Spanish-Amerioan countries is a debtor held by his creditors in a form of qualified servitude. For many years ho worked ns a common labourer in a mine. Then his father acquired a grant from the Mexican Government to work tho Palmilla Hill, near Panal, upon payment of an annual tax of .€B. With crude tools the father and sou entered on their task, but the father was not fated to reap the riches of the mine. Ho died five yeans ago, importuning his son never to abandon the work of development. Tho son, following his father’s advice, succeeded in borrowing money to develop tho mine The old man’s wildest dreams were more (ban realised in three years.

Within a period of thirty days the sou not only paid off a £30,003 loan, but also had £-10,000 to his credit. A month later his income was £3OOO daily, and since then it has increased steadly. His success lias astonished all Mexico. The Palmilla Mine is fully equipped with modern machinery, and the present output is nearly £6OOO daily. More than a thousand men are employed. Tho owner's annual income is nearly £2,000,000. Senor Alvarado is extremely charitable, and an extraordinarily shrewd man of business. Ho has seen nothing of the v-orld, and, indeed, has never been outside his province. When very young he married tho beautiful daughter of a Mexican-Indian labourer, and has four sons and ono daughter. The millionaire is an indulgent father, providing every luxury for h's family. Ho 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.