D I V 



761 



D I V 



Divers £ n an almost insensible manner, or avoided, or managed 

 lj at pleasure, by the peformers on his euharmonic organ, 



by what he calls Enharmonic Changes, which see. 



DIVERS. See Diving. 



DI VICOTTA, or Devycotta, is the name of a fort 

 in Hindostan, situated on a small island within the en- 

 trance of Coleroon river. It is built of brick, and is 

 very strong. It was taken in 1 749 by the English un- 

 der Major Lawrence, from the rajah of Tanjore. As 

 there is sufficient water for large ships within the bar, 

 the East India Company proposed to form this place 

 into a harbour, and with this view they obtained from 

 the rajah the cession of a district. This plan, however, 

 has been long ago abandoned. The four famous pago- 

 das, called the Chalanbaran Pagodas, are to be seen 

 up the country. Nortli Lat. 1 1 ° 22'. See Milbum's 

 Oriental Commerce, vol. i. (j) 



DIVIDEND has, in arithmetic, the general signifi- 

 cation of " any number given to be divided ;" in com- 

 merce, it has two significations, of very frequent occur- 

 rence, viz. the " share obtained by a creditor out of a 

 bankrupt estate," and the " money paid as the interest 

 or return of capital invested in a public fund." In the 

 latter, the times of payment are generally half yearly ; 

 and though, strictly speaking, the amount in all joint 

 stock companies ought to fluctuate with the profits of 

 the concern, it has been found more advisable to adopt 

 an average rate, and to adhere to it as nearly as possi- 

 ble, for the sake of preventing uncertainty and agita- 

 tion to the body of stock-holders. The West India 

 Dock, and London Dock Companies, for example, have 

 adhered, with little variation, to the dividends with 

 which they respectively set out. The India Company, 

 having at one time raised their dividend to 10 per cent, 

 have thought proper to continue it at that rate ; and a 

 similar rule has been adopted by the Bank of England 

 for a number of years, subject, however, to the pros- 

 pect of reduction on the resumption of cash payments. 

 But of all dividends, the most familiar to the public at 

 large are the payments made by government to stock- 

 holders, in discharge of the interest of the national 

 debt. These take place half yearly, and principally in 

 the months of January and July, April and October. 

 It is customary to begin by making the payments to 

 the London bankers, who receive very large sums as 

 agents for stock-holders living at a distance from the 

 Bank. The issue to the bankers has the effect of throw- 

 ing a great deal of money directly into circulation ; af- 



ter which, in the course of a few day.-, payments are 

 made to all private individuals, who choose to call at the 

 Bank for the half year's interest of stock belonging ei- 

 ther to themselves, or to those for whom they are em- 

 powered to act. The books containing the names of 

 the stock-holders are numerous, and, on entering the 

 offices at the Bank, the eye is directed to the proper 

 clerks by the initial letters being painted conspicuous- 

 ly against the wall. Before issuing the dividends, it is 

 necessary to take some time to post the bank-books in 

 the names of the last holders of the stock, as changes 

 are perpetually occurring in a property so easily trans- 

 ferable. During this interval, the transfer books are 

 said to be " shut ;" that is, no transfers can be regular- 

 ly entered in them, till after payment of the dividends. 



In consequence of deaths and absence from the coun- 

 try, there occur frequent omissions in calling for ac- 

 crued dividends. The amount thus remaining unpaid, 

 having, about the year 1 790, become very considerable, 

 it was determined to publish the names of the proprie- 

 tors of the stock in question, and afterwards to appro- 

 priate the balance to the public use, until it should be 

 called for by the parties entitled to it. The sum thus 

 taken over by government was at first £ 376,739 ; and, 

 in 1 808, a farther sum of half a million was, in like 

 manner, paid into the Exchequer by the Bank ; a pro- 

 vision, however, being made, that the balance of un- 

 claimed dividends remaining in the hands of the Bank, 

 should not at any time be reduced below £100,000. 



It was in the beginning of the present war, that the 

 property tax was first deducted from the stock-holder, 

 before making payment of the dividend. An idea was 

 at one time general, that the interest of all money lent 

 to government, should be paid free of any tax or de- 

 duction whatever ; but the ardour of the public for war 

 against Bonaparte, enabled ministers to act on a diffe- 

 rent interpretation of the law ; so that the only divi- 

 dends exempt from the operation of the property tax, 

 are those which are payable to foreigners. Attempts 

 have even been made in the House of Commons, to 

 procure an act subjecting the latter, like ourselves, to a 

 deduction on the score of property tax ; but govern- 

 ment have thought it advisable to wave this limited ad- 

 vantage, in consideration of the impolicy of discoura- 

 ging the investment of foreign capital in our funds, 



U) 



DIVIDING of Instruments. See Graduation 



Dividend, 

 Dividing. 



VOL. TO. FART II. 



5d 



