Complex sentence: The dividend reached a maximum of per cent in 1862 before dropping to 7 per cent the following year and 5 per cent in 1864, but in 1865 the directors could not pay any dividend on ordinary shares.
Split into simpler sentences: The dividend reached a maximum of per cent in 1862 before dropping to 7 per cent the following year and 5 per cent in 1864. However, in 1865 the directors could not pay any dividend on ordinary shares.