An expanded Washington treaty and fleet balance

What follows from a Washington treaty allowing Britain, the United States, and Japan to retain many more capital ships?

It expands carrier and capital-ship choices, sustains industrial capacity, and leaves Germany relatively further behind, while making the Lexington conversion debate more consequential.

The effects reach beyond simple ship totals. The notional ratios raise the American carrier allowance from about 135,000 to 189,000 tons, creating room for more aviation development. Fast battlecruiser-and-carrier groups could bring forward doctrine that combines speed, scouting, and air power. Britain would retain more dockyard, gun-making, and skilled-labor capacity instead of allowing the industrial base to contract after mass cancellations. Germany falls further behind, but the United States must still choose whether the Lexington hulls are more valuable as carriers or completed battlecruisers. The treaty therefore changes institutions and fleet experimentation as much as the number of ships retained.