Since 1987, the group's dividends per share have grown from 4.6p to 11.85p in 1992 - a 158% increase.

When he retired as chief executive in 1981, the company's revenue, earnings and dividends had grown every year since 1965.

Since 1871, according to the researchers, earnings and dividends have grown at an inflation-adjusted annual rate of around 1.5 percent.

Likewise, the annual dividend has grown rapidly - in 1995, Alaskans received $990.30 each.

While share prices are little changed on their 1987 peak, dividends have grown by 70 p.c.

Historically, stocks have had the advantage that dividends and earnings grow about 1 percent faster than inflation.

A high retention rate makes it more likely a firm's income and dividends will grow in future years.

At present the trusts are paying out dividends earned in 1991 and early 1992 when dividends were still growing.

At the same time, we expect dividends to grow by 11.5 percent annually.

And that could drive investors to sectors where dividends aren't as generous as bond yields but are at least growing.