The dividend on shares of this kind is calcu-
lated only on the amount paid up.


DIVIDENDS.

A dividend is the sum apportioned periodi-
cally, in the shape of profit or interest, to holders
of stocks and shares. It may be a fixed sum
according to the rate of interest, as in the case
of the Funds, Colonial Stocks, &c., or a varying
sum according to the profits made, as in the case
of railway shares and those of other companies.
The dividends on the Funds and some Colonial
Stocks are paid quarterly, at the beginning of
January, April, July, and October. A month
prior to the date of payment the stocks are
marked "ex-div.," meaning that any purchase
effected after the 1st December, 1st March, 1st
June, and 1st September, would not carry that
quarter's dividend, as it is held in favour of the
person whose name is registered on the books
on those dates.

The interest dependent upon the shares or
stocks of companies is usually paid half-yearly,
after the periodical meeting, when the accounts
are presented and the profits declared. A cer-
tain date is fixed when these shares and stocks
are saleable "ex-div." or "ex-interest."