The only part of the latest document to show a possibility of kerning is the curved part of the sheet. That's an artifact of using a single fixed lens ~
>>Proportional Spacing Is Not Kerning. Kerning does make use of Proportional Spacing.<<
You are sort of right — for example look at the word “Ward.” Kerning to make it look correct would tuck the “a” under the right upper “leg” of the “W” In addition, the designer may decide to tuck it to the left a little more (that is manual kerning) to make it visually pleasing. Likewise, the “r” might look like it is now not even part of the word so it might be manually kerned to the left a tiny bit to visually associate it back to the original word.
I owned and operated a Compugraphic Typesetter for several years (before Windows 3.x) and we had to interpret kerning codes and sort of “guess” what the result would be. And the film was EXPENSIVE! A miss could easily cost 10 or 20 bucks. Do that 5 or 6 times a day and it could get into some money.
So what is the difference between kerning and proportional spacing?