£25,800,000 A YEAR.

Waikato Times, Volume 97, Issue 15271, 22 June 1923, Page 2

£25,800,000 A YEAR.

MR FORD’S INCOME. With the possible exception of Mr. John D. Rockefeller junior, to whom has recently been transferred most of his father’s oil holdings, the richest man in the world to-day is Mr. Henry Ford, the motor manufacturer, who started business just over 20 years ago with a borrowed capital of £6,000. (says an American writer.) Two days ago, when his former enemies in Wall-street (the United States Threadneedle Street) were shivering in adverse financial winds and stock quotations were everywhere shrinking, Mr. Ford dramatically filed with the Commissioner of Corporations in Boston a statement showing that the Ford Company owned by himself and his son Edsel, earned last year a net profit of £25,800,000. The company on February 28 had cash in-hand amounting to £34,669,000 It has now considerably over £40,000,000. Two years ago Mr. Ford frankly admitted that he was in need of ready money. The Wall Street magnates thought they had him at their mercy. But instead of applying to them for aid he reduced the price of his cars and shipped them to every Ford dealer in the world with the demand under the terms of their contracts for immediate payments. The dealers remitted over £27,000,000, and Mr. Ford snapped his fingers at Wall Street, which 'estimates that he is now worth from £12(5,000,000 to £160,000,000. Since he started business he has made over 6,000,000 cars.