The Sun.
London, England, 1856-08-27 00:00:00

EAST KENT.

The following is from the report by the directors to
the seventh half yearly meeting of proprietors :
"In accordance with the resolution passed at the gene-
ral meeting in Feb. last, the directors proceeded to carry
out the arrangement with Messrs. Crampton and Co. for
constructing the line from Strood to Dover.
" Accordingly on the 19th March last a contract was
entered into with the above parties to execute the line to
Dover in three sections, viz. :—Strood to Faversham, Fa-
versham to Canterbury, and Canterbury to Dover; the
first section to be completed within 18 months from the
date of the engineer's order to commence the works.
" By the terms of this contract the contractors agreed
for the first 200,000/. expended upon the works of the lino
to receive payment, one-half in cash, and one-half in shares
of the company at par.
" The contractors by their contract further agreed to
lease the line for 21 years after its completion, at the rate
of 5 per cent. per annum and half-profits above 6 per cent.,
and also to pay interest half-yearly at the rate of 5 per
cent. per annum, during the construction of the line, in
accordance with which arrangement the first half-yearly
payment of interest was made, on the sth July last.
" The works were commenced at the beginning of April,
and are now in full operation ; and, as appears by the en-
gineer's report, there is every prospect of the line being
opened to Faversham within twelve months from the pre-
sent time.
" The board are happy to be able to report that the
bridge over the Medway is substantially completed, and
that the cost falls short of the parliamentary estimate by
more than 10,0001.

" With respect to the arrears of calls, the directors are
happy to be able to report that arrangements have been
made by which a large portion of the shares in arrear have
been transferred to parties who have paid up 20,000/. since
the balance-sheet was drawn out on 30th June last ; the
remainder consists principally of arrears on a large number
of shares on which a considerable sum has been paid,
which have been forfeited by the board, and the forfeiture
of which requires the confirmation of the general meeting
before the shares can be re-issued.
" In conclusion, the directors feel warranted in congra-
tulating the-shareholders on the improved position of the
company. They have no doubt that the lino will be opened
to Faversham, and probably to Canterbury, in the autumn
of next year. The prospects of traffic improve with every
day's experience, and the board continues to feel unabated
confidence le the undertaking."
The statement of receipts and payments during the
half year ending June 30, 1856, is as follows-Receipts
-Balance Ist January, 1856, 23,4171. 6s. ; bridge
money in hand, 40,8271. 18s. 3d. ; received on calls, and
in anticipation thereof, 33,6101. ; interest and transfer
fees, 9261. ls. 7d.-total, 98,7811. 53. 10d. Payment--
Land and compensation, expenses of land purchases,
rates, and insurance, 29,2381. 2s. 21. ; works and engi-
neering, 32,190/. 13s. 3d. ; legal and miscellaneous ex-
penses, 1,161/. 7s. Id. ; West Kent Extension, 2001. ;
bridge money in hand, 19,7511. 93. Bd. ; balance
15,489/. 13s. 81, The balance sheet, made up to 30th
June, 1856, shows thatheicapital cf the company is
350,0001., from which are deducted unpaid deposit and
calls on sundryshares, to the amount of 165,1001., leaving
a sum of 184,900/. paid up capital, which, added to
6,2971. 10s. paid in anticipation of calls, 2,5801. Os. 10d.
interest, 9/. 103. transfer fees, and 2,3301. 4s. outstanding
liabilities, gives a total of 196,117/. 10.'. 101. Against
this are items as follows :-By preliminary expenses, in-
cluding all expenses to June, 1854, and expenses of ob-
taining amended act, 38,364/. 17s. ; land and compen-
sation, &c., 51,0831. Bs. 3d. ; works, 57,999/. 15s. 101. ;
engineering, surveyin:!, and legal expenses, 5,035/. 18s.
5d.; salaries, rates, and insurance, office expenses, &c.,
4,482/. 4e.; West Kent Extension, 1,5751.; bridge money,
19,751/. 9s. Bd.; cash on loan, securities, &e., 17,8191.
17s. Bd. The Dover Extension account shows that
30,253/. 15,. 91. has been paid out of a capital of
43,7951., the charges on which aro for Parliamentary de-
posit, 18,655/,; parliamentary expenses, 6,371/. 13s. 3d.;
engineering, surveying, and land surveying, 3,4631.
195.; share certificates, books, and stationery, adver-
tising, and postage, 167/. 6s. 91.; compensation, 561.
16s. 81.; interest and commission, 1,369/. Os. 3d.; car-
ried to general account, 115/. ss. 11.; cash at banker's,
54/. 14s,