EXCHANGE OR BONUS?

New Zealand Herald, Volume LXXI, Issue 21396, 20 October 1934, Page 17

EXCHANGE OR BONUS?

Sir, —The Dairy Commission's report is -remarkable in that it completely opposes by implication the most vital recommendation of the Monetary Commission, namely, Professor Belshaw'B exposition of exchange. The reasons given by the Dairy Commission against a bonus on dairy produce are that "it makes no distinction between farmers ... is inequitable both to recipients and taxpayers . provides more assistance than some require or deserve." If this is so of a bonus to one depressed industry, what of the exchange bonus in which a whole depressed industry contributes to the welfare (if in {he long run anyone in New Zealand is benefited) of those in other industries which are comparatively prosperous? Those who approve the commission's argument against a butter bonus must, a thousand times more, condemn the inequity of high exchange, which not only does not discriminate between individuals, but adds to that the inability to discriminate between a whole industry that is thriving and another in the slough of despond. He will be a genius of wordjuggling who can reconcile the words of wisdom emanating from these two commissions bearing on the matter of assisting primary industry. E.L.R.