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Standard & Poor’s reported that this figure compares to about 7,000 publicly owned companies that provide index provider with dividend information.

Overall, the figure for Q2 2009 is also 48.8 per cent drop from the 455 companies that increased their dividend during the second quarter of 2008.

Furthermore, dividend decreases were posted by 250 issues during Q2 2009 - the highest number since the second quarter of 1957, over 50 years ago.

Howard Silverblatt, senior index analyst at Standard & Poor’s, said: "It’s not a good time for dividend investors. The current trend to conserve cash and cut dividends has become defensive, with even relatively healthy companies choosing to reduce payouts.

"Until we see the economy better, and not just for one quarter, many companies will remain gun shy about parting with their cash."

However, according to Silverblatt, dividend decreases have out numbered dividend increases every year since S&P's dividend data began in 1955.

"Dividend decreases are at a record high for both the year-to-date and the 12-month period, with the number of increases also setting a new record low.

"Since 1955, the average has been 15 increases for every decrease. Now, it’s five increases for every six decreases."