A London treaty bargain permits new battleships

The proposed bargain allows five new ships each for Britain and the United States, three for Japan, and two each for France and Italy. A speed cap cannot solve the imbalance without forcing Britain to surrender Hood, Renown, and Repulse or allowing replacement ships that deepen British modernization. The controlled option spreads construction across roughly six years and lets each signatory replace older hulls without abandoning the ratio system. The plausible outcomes are treaty collapse, the historical settlement despite continuing resentment, or that limited new-building agreement.