Business & Finance: Mexican Wages

"Put the wage increase through and we'll leave," was the gist of the response last August when a committee backed by Mexico's President Lazaro Cardenas ordered 17 U. S. and other foreign oil companies to pay a wage increase of some $7,000,000.

The proposed increase was the Mexican Government's way of settling a strike by 18,000 Mexican oil workers which seriously threatened Mexico's depleted Treasury, greatly dependent upon taxes paid by foreign oil interests. Oilmen, already spouting over vigorous President Cardenas' expropriation of 850,000 acres of undeveloped oil lands leased by foreigners, objected...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!