Over time, anthropology has lost the notion of ritual within the framework of exchange and of the ‘total social fact.’ Sahlins as well as Mauss interpreted the Maoris’ hau as a paradigm of exchange in which any event comprising a circulation of objects is but an exchange. The notion of ritual thus vanished, leaving in its place a long chain of logically equivalent transitive exchanges. Drawing on Orokaiva (Papua New Guinea) material relative to the competitive attempt of several religious factions to establish a comparative view of customary and Christian ritual, the Maori hau is revisited. This reading shows a clear contrast between what we must call ritual, comprising a hierarchic and mediated form of exchange wherein gifts are equated by virtue of the ‘spirit of the gift,’ and exchange per se, constituted by a face-to-face transaction of goods wherein equivalence is posited between prestations.