Are Subsidies Inflationary?
SIR,—May I appeal to you (or any kind reader) as one uncle to another ? My young nephew, Bill,- is doing quite well at his boarding-school. But the catering there is not all it might be and Bill's parents cannot afford much in the way of pocket-money. I, therefore, made an avuncular arrangement with the tuck-shop which enables Bill to make purchases there (up to a total of Ss. weekly) at half price.
Unfortunately, however, old Tomkins overheard young Bill being grateful for this small mercy, and has been pestering me about it at the club, getting me in corners and lecturing me as if I were a public meet- ing. He talks glibly about "inflationary spirals" (not apparently a new name for those jolly cream-horns), "increased consumer demands," "surplus spending power," &c., &c. I vainly assured him that Bill couldn't overeat, if that was what he meant, because each boy is allowed only a limited amount of tuck. He only snorted and muttered something peevish about "rations" and "controls."
Finally, in desperation, I spent this morning at the reference library and then, after a good lunch, went straight into the attack. "Oh, Tomkins," I said carelessly, "about that little matter we were discussing —you needn't worry ; all I have done is to effect a slight redistribution of income." That shook him a bit, but he still seems to think that I have committed a crime of some sort. So, Sir (or any kind reader), how *ay you ? Am I guilty or not guilty 7—Fraternally yours,
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