By mid-April Keynes was preparing for his first wartime visit to the United States. On this visit he was to improve communications between Whitehall and British officials in Washington by providing them with background information not easily communicated by cable, as well as conduct negotiations on several lend lease problems surrounding the old commitments and the level of Britain's reserves. He was also to discuss problems surrounding stocks of surplus commodities and war aims.

Keynes arrived in New York from Lisbon on 8 May. He then discussed the A.V.C. sale with Sir Edward Peacock, Mr Carlyle Gifford and representatives of the bankers involved before going on to Washington on 9 May. After discussions with Sir Frederick Phillips and other British officials concerning his proposals for Mr Morgenthau, Keynes visited the Secretary on 13 May. On 14 May he again visited the Treasury with Sir Frederick Phillips, at Mr Morgenthau's request, before putting his proposals to Mr Morgenthau in writing on 16 May.

To H. MORGENTHAU, 16 May 1941

Dear Mr Morgenthau,

I now enclose the memorandum which you asked Phillips and myself to prepare for you. There is only one thing I should like to add to what is written in the text.

I believe that, if something of this sort could come to pass, there would be intangible advantages beyond those considerations of administrative convenience etc. which are mentioned in the enclosed. We have great anxieties and pre-occupations, much to concern us and much to decide, in all parts of the world.