The Sun.
London, England, 1865-02-28 00:00:00

KENT COAST.

The half-yearly meeting of this company was held yes-
terday at the Victoria Station, Westminster; Sir C. Roney
in the chair.
The report stated that the receipts from traffic for the six
months ending Dec. 31 last enabled the directors, after pay-
ment of debenture interest and general charges, to apply a
balance of £20,468 in payment of a dividend at the rate of
6 per cent. per annum on the B stock, amounting to £8,990;
at the rate of per cent. per annum on the A stock, £7,563;
and at the rate of 5 per cent. on the new ordinary shares,
£1,347, making together £17,900, and leaving £2,568 fot'
the next account. The contractors' accounts were closed,
with the exception of some few charges arising from the
requirements of the Board of Trade at Ramsgate. The
traffic had been worked by the London, Chatham, and Dover
Company in a perfectly satisfactory manner. The capital
account showed that £904,122 had been expended, leaving
a balance of £4,220. The revenue account showed that
£54,044 had been• received during the half year ending Dec.
31, and £27,022 or 50 per cent. had been paid to the London,
Chatham, and Dover Company for working it, leaving a
balance of £27,022.
The CHAIRMAN, in moving the adoption of the report,
congratulated the shareholders on its being so favourable.
After paying all the general charges, and the whole of the
interest on the debenture debt, they had a balance of
£20,468, which enabled them to pay at the rate of 6 per
cent. per annum on £299,680 B stock, at the rate of 5 per
cent. per annum on the £302,500 A stock, and also the same
rate on £66,000 new ordinary shares, leaving £2,568 to be
carried forward. The directors were much gratified at the
way in which the lessees had worked the traffic. When ad-
ditional trains wore wanted they were immediately put on
and every facility was given to develop° the traffic to and

from Ramsgate, Margate, and Broadstairs. The connection
with the Metropolitan and Great Northern Railways, which
would be completed in June next, would afford great faci-
lities for persons and their families in the northern districts
of London passing over the line to the watering-places on it.
Mr. Homum) seconded the motion for the adoption of
the report.
In reply to a question, it was stated that the line was
leased for 999 years, on terms that had been agreed upon.
The interest on the B shares was fully secured on the cur-
rent half-year, and there could be no doubt of it afterwards.
The report was then unanimously adopted, and the divi-
/lends recommended therein were declared payable, less

income tax.
Sir M. PETO explained that the dividend on the £60,000
new shares ranked equally with that on the A stock. Ho
thought it right to tell his brother shareholders that the
agreement between them and theChatham and Dover Com-
pany had worked most advantageously for both parties.
The Kent Coast Railway brought a large amount of traffic
over the Dover Company's main line, and the working of it
had given great satisfaction. With regard to the B shares,
there was a balance of £2,568 less towards the dividend for,
the current half-year, in addition to which the dividend for
the first three months of it was guaranteed, and as the traffic

was increasing there could be no doubt that it would be
well covered, leaving a balance over. There was a perfect
mutuality in the working arrangements, and so far it had
proved that a branch line could be constructed so as to be a
great source of profit to the parent line. (Hear, hear.)
The retiring directors and auditors-were then re-elected,
and the proceedings concluded with a vote of thanks to the
chairman.