It is not cast to show that the long run price trend of a share is related to its dividend. The reason is that local companies frequently make bonus and rights issues. These usually cause the per share dividend to drop over though there is often an increase in dividend based on the original number of shares. The share price and the dividend yield therefore have to be adjusted whenever there is a bonus. Three separate sets of proof will be provided to show that the growth in the price of a share is dependent on the growth of its dividend. The first set examines in great detail the price and dividend growth trends of two shares which had not made any bonus issues up to the point of comparison. The second set examines the price and dividend growth trends of two shares which had made bonus issues. The last set examines in aggregate the price and dividend growth trends of a random selection of investment grade shares and speculative shares.