After several years of construction and technical study, the powers might feel secure enough to pause the race. The proposed settlement uses a twenty-year replacement cycle with a limited allowance for overage ships, preserving roughly twenty-five capital ships for Britain and America while bargaining over Japan's higher demand. A London venue also reflects how far the diplomatic setting may have moved from the American-led Washington moment. Carrier construction and completed treaty-era capital ships make this settlement fundamentally different from both the Washington agreement and the later historical London treaties.
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A different London naval treaty in 1925
The likely end state is a later London agreement built around construction cycles, overage ships, revised ratios, and carrier fleets that already differ sharply from history.