Commercial practice
Sir,—As a long-standing shareholder of Hay’s, Ltd, may I say how appalled 1 am by the lack of consideration shown for shareholders by the firm. Shareholders’ discounts were recently withdrawn. Now the dividend cheques are endorsed “Account Payee Only” so that instead of the convenience of being able to cash them at the local store we have to make a special trip to the bank. And mine arrived today in a window envelope, revealing not only my name but the amount of the dividend for the postman and anyone else to see. Is this accepted modem commercial practice?—Yours, etc.,
HAYWRONG. November 17, 1970.
[A spokesman for Haywrights stated: “The company’s dividend payments are handled by an independent specialist firm of share registrars who also act for many other large public companies. All clients of this firm use the ‘Account Payee Only* crossing on dividend
cheques, which is felt to be a desirable commercial practice both in the interests of the shareholder apd the company. It is also usual practice for window envelopes to be used, but it is regretted that the amount of the dividend was visible in the case of your correspondent.”]
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Bibliographic details
Press, Volume CX, Issue 32462, 24 November 1970, Page 14
Word Count
195Commercial practice Press, Volume CX, Issue 32462, 24 November 1970, Page 14
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