The end of hostilities in Europe brought no change in Keynes’ status at the Treasury, for shortly thereafter he was invited by Dr. Hugh Dalton, the new Chancellor of the Exchequer, to stay on as his Financial Adviser. 1 Throughout most of the war, Keynes had been largely preoccupied with Great Britain’s post-war problems; hence, when American Lend-Lease Assistance was abruptly terminated shortly after V-J Day, there were few persons in Britain better qualified than he to deal with this crisis.