£30,000 A YEAR FOR MR. FORD’S SON.

Manawatu Herald, Volume XLI, Issue 1967, 22 April 1919, Page 4

£30,000 A YEAR FOR MR. FORD’S SON.

VAST BUSINESS HANDED OVER TO A YOUTH.

Mr Henry Ford has announced that a new minimum wage of 24s a day shall be established in all his factories. This wage is to he effective immediately, and is applicable to 28,000 of Mr Ford’s 51,000 employees, the others receiving more than the minimum. The new rate represents an increase of 4s a day above the previous minimum established by Mr Ford in 1914. Mr Ford also announces his own retirement from the presidency of the Henry Ford Motor Co., and the selection of his son Edsel for the vacancy. Mr Edsel Ford, who is 24 years of age, will receive a salary of £30,000 a year, the largest amount ever paid to so young an executive chief in America.

Mr Ford justifies the selection of his youthful son as the executive head of a corporation representing an investment of £20,000,000 by saying: “The present is (he age of young men. I want to show the world that I stand back owing to my belief that young men are entirely capable of directing big ■businesses.” Mr Ford will devote his principal energies hcrafter to making successful the weekly newspaper.- he is now starting, and also to developing the manufacture of tractors.