NEW FEDERSON’S G, D. COY

Greymouth Evening Star, 27 July 1907, Page 1

NEW FEDERSON’S G, D. COY

The following is the directors’ annual report to be submitted to shareholders at the annual meeting“ Owing to the continuous drought experienced in the early part of the year, and consequent low state of Ihe Duller river, it- was impossible to do any dredging. Tliiis nearly half of the past six months bad expired before work was commenced. The actual time dredged was 1494 hours, being an average of 57] hours per week for 25 weeks covering the accompanying balance sheet. The shaft of the bottom tumbler gave way on June 20, and it lia? been replaced by a now one. and the dredge is now at work. The dredge has been kept in thorough repair, and is practically equal to new. The claim now being operated on will be worked out in a few weeks. It is beyond doubt that the load of gold continues into tbo adoining freehold. Negotiations hny.e been going on for some time to work this freehold, but, so far, no arrangements have been agreed to. You also hold the adjoining claim below the one at present being worked. Wo estimate that there is about two years’ dredging in this claim, and it is believed to bo payable, though rough. The cost of moving the dredge to the ottom of this claim would ho considerable, and before doing so it has been decided to rail an extraordinary meeting of shareholders of the company, of which duo notice will ho given.