MR FORD’S INCOME.

Hauraki Plains Gazette, Volume XXXIV, Issue 4578, 22 June 1923, Page 1

MR FORD’S INCOME.

£25,800X166 A YEAR. NEEDED MONEY TWO YEARS AGO. With the possible exception of Mr. John D. Rockefeller, junr., fo 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 £6OOO (writes a correspondent of the “Overseas Daily Mail”). 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 fa Boston a statement showing that\ the Ford Company,, owned by /himself and his, son Edsel,' earned last year a netf. profit of £25(800,000. The company on February 28 had cash in hand amounting to £34,669,000. It has now considerably ove" £40,000,000. Two years ago Mr Foijd frankly admpted 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 ani shipped them to every Ford dealer ip the world, with the demand under the terms of theif contracts for immediate payment. The dealers remitted over £27,000,000, and Mr Ford snapped his fingers at Wall Street, which estimates that he is now worth from £120,000,000 to £160,000,000'. Since he started, business ' he has ‘ made over 6,000,000* cars.