For Ford, the lower dividend will mean a quarterly savings of about $166.7 million.

Commercial Credit, on the other hand, had a huge cash flow and a very low dividend, which was just raised to 28 cents a share.

He subsequently maintained a policy of low dividends, high revenues and careful cost controls.

While foreign shares often paid low dividends in the past, rising numbers now offer attractive yields.

Some funds concentrate on stocks of fast-growing companies that pay relatively low dividends.

Under that plan, Warner holders will see a lower annual dividend than they now receive.

Concerns about the plan, especially the fact that the separated units would pay a lower combined dividend than the company does now, were one reason.

Nor is it irrational: low dividends are often compensated for by other commercial advantages.

Therefore, thought should be given to investing such funds in growth stocks (low dividends usually) or real estate that might appreciate.

At the other extreme, payouts of less than a pound were quite common as lower dividends when many entries won.