FORM 6-K

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                        Report of Foreign Private Issuer
                    Pursuant to Rule 13a - 16 or 15d - 16 of
                      the Securities Exchange Act of 1934

                          For the month of March, 2006

                               HSBC Holdings plc

                              42nd Floor, 8 Canada
                        Square, London E14 5HQ, England


(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F).

                          Form 20-F X Form 40-F ......

(Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934).

                                Yes....... No X


(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82- ..............)





                               HSBC HOLDINGS PLC

                        FOURTH INTERIM DIVIDEND FOR 2005

                           SCRIP DIVIDEND ALTERNATIVE

On 6 March 2006, the Directors of HSBC Holdings plc declared a fourth interim
dividend for 2005 of US$0.31 per ordinary share payable on 11 May 2006 to
shareholders on the Register on 24 March 2006. The dividend is payable in cash
in United States dollars, sterling or Hong Kong dollars, or a combination of
these currencies, with a scrip dividend alternative. The "Market Value" for the
issue of new shares under the scrip dividend alternative is:

                         US$16.8175 for each new share

The "Market Value" is the United States dollar equivalent of GBP9.621 being the
average of the middle market quotations for the ordinary shares on the London
Stock Exchange as derived from the Daily Official List for the five business
days beginning on 22 March 2006 (the day on which the shares were first quoted
ex-dividend).

Dividends payable in cash in sterling or Hong Kong dollars on 11 May 2006 will
be converted from United States dollars at the forward exchange rates quoted by
HSBC Bank plc in London at or about 11.00 am on 2 May 2006. These exchange rates
will be announced to the London, Hong Kong, New York, Paris and Bermuda stock
exchanges.

Particulars of the dividend arrangements will be mailed to shareholders on or
about 4 April 2006, and elections must be received by the Registrars by 27 April
2006.



R G Barber

Group Company Secretary

HSBC Holdings plc


29 March 2006





                                    SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                               HSBC Holdings plc

                                                By:
                                                Name:  P A Stafford
                                                Title: Assistant Group Secretary
                                                Date:  29 March 2006