The Richest Man In Mexico.

Taranaki Daily News, Volume XLVII, Issue 7976, 13 November 1905, Page 4

The Richest Man In Mexico.

Five years ago Scnor I'edo Alvar- ; do. was earning half a down a day as a mine labourer ; to-day he is the riches! man in Mexico, and has offered to pay off the Mexican National Debt of .U.rmu.OOO. This is the second lime lie hail made the offer. lit- approached the Uovernnunt with that object in view when he first became a multi-millionaire, but '•legal obstacles" stood in the way. Whereupon Seuor Alvarado demanded that the laws should be j changed, but so tar the authorities have not granted the request. Now they have the second, and perhaps the. last, opportunity of availing themselves of the wealthy wiue-owncr's generosity. Senor Alvarado rose from "peonage." A peon in some of the Span-ish-American countries is a debtor held by his crcditois m a loim of qualified servitude. For many years lie wurkid as a common labourer in a mine. Thin bis father acquired a gram from th■- Mexican Government 10 work the I'acniilla Hill, near l'anal, upon payment of an annual tax of £B. With "crude tools the father and son entered on their task, but the father was not fated to reap the riches of the mine. He died five years ago, importuning his son never to abandon the work of development. His son. following his father's advice, succeeded in borrowing money to work the mine. The old man's wildest dreams were more than realised in three years. Within a period of thirty days the son not only paid off a £3G,tJU" loan, but also had £-10,000 to his credit. A month later his income has increased steadily. His success was £3OOO daily, and since then it has astonished all Mexico. The Palmilla Mine is fully equipped with modern* machinery, and the present output is nearly ilGflHti daily. MoTe than a thousand men are employed. The owner's annual income is nearly fc2,OfM.llnO. Senor Alvarado is extremely charitable, and an extraordinarily shrewd man of business. He has seen nothing of the world, and, indeed, has iifvrt bpcji outs:»le In* pnx.licv. Whin very young he married the .leaulifti] daughter of a Mexican-In-dian labourer, and, has four sous and one daughter. The millioonaire is an indulgent father, providing everv luxury for his familv. He has built a aalatial residence at a cost of £2ou.liinfl. A large vault in the house ■■((Mains several millions of monev, which is guarded by ainv-,1 servant's.