Treaties and budgets narrow the small-carrier opportunity

The naval treaties did not restrict sloops in the same way they restricted carriers, yet the Treasury would not fund the large escort fleet Britain could legally have built. Old carriers such as Argus and Hermes therefore remained useful for exercises, scouting, and trade protection even when they were weak fleet units. Keeping those ships also preserved the appearance of a large carrier force, although their value depended on measuring them by secondary missions rather than fleet striking power. Treaty categories, limited funding, and peacetime priorities prevented both a broad small-carrier program and the annual sloop output that hindsight makes attractive.