America would seek faster replacements for its slow battle line, Britain would want to replace older R-class ships, and Italy would pursue its next generation. The treaty could regulate a known sequence of replacements rather than forbid construction altogether, preserving predictability while maintaining industrial capacity. Without a cruiser race driven by a capital-ship holiday, cumulative cruiser limits may be less urgent. A possible light-carrier category would allow purpose-built carriers larger than Hermes but below the fleet-carrier ceiling.
Notable Point · 2:36:42-2:43:31
A London treaty built around replacement, not a holiday
If capital-ship construction continues through the 1920s, a later treaty may regulate replacement and light carriers instead of imposing the historical naval holiday.