The discussions of surplus policy during 1940 and 1941 had touched on the problems of post-war commodity production and prices, as had the discussions of possible commodity agreements covering wheat and cotton. In his contributions to discussions, Keynes had touched on these problems and his early drafts of the Clearing Union carried some provision for international buffer stock arrangements. However, it was after the end of 1941 before he found an opportunity to devote himself to the details of such arrangements, even though he had received some encouragement earlier from R. F. Harrod and others to try his hand at such a scheme for inclusion with the Clearing Union in the Treasury's package of post-war proposals.

Early in 1942 work on a scheme began. On 6 January, Keynes reported to R. F. Harrod that he had dug out his 1938 article in the area but had not gone further. By 20 January, however, he had completed a preliminary draft of a scheme which he circulated in the Treasury. He also sent copies to Leith-Ross, Harrod and Caine.

Unfortunately, this original draft, along with succeeding drafts of early February, late March and early April have not survived. This is doubly unfortunate because much of the correspondence on these drafts has survived. However, from the surviving correspondence, one can catch a glimpse of the issues raised by the early drafts and Keynes's attitudes to them. […]