What armed merchant cruisers reveal about fleet shortages

What does the logistics problem of armed merchant cruisers say about their role?

They were substitutes forced by treaty and budget shortages, not the Royal Navy's preferred answer to cruiser requirements.

The Royal Navy would have preferred more real cruisers to converted merchant ships. Treaty restrictions and peacetime economies made that ideal force unaffordable, so civilian hulls were pressed into service. The same logic applies to escort carriers: both types fill necessary wartime roles when the preferred warship is unavailable. The record is a reminder that improvised auxiliaries often reveal a shortage elsewhere in the planned fleet.