Lord Lee said in his memorandum that the need for
the gradual replacement of the older battleships by " modern ships embodying the lessons of the war" could no longer be dis- regarded. No capital ship had been laid down and completed since 1916. As the Fleet was reduced in numbers, its units " must be of up-to-date type and of the highest efficiency." A sum of £2,500,000 had therefore been set down as " a first instalment for ` replacement ' ships "—which, it is rumoured, are to be four in number. Lord Lee went on to say that " the Government neither commits itself to, nor contemplates, any building programme in answer to those of any other power," but hopes, " as a result of frank and friendly discussion with the principal naval Powers, to avoid anything approaching to competitive building either now or in the future." The Government's naval policy was to maintain a " One-Power Standard "—namely, " that our Navy should not be inferior in strength to that of any other Power "—without insisting upon " numerical equality." The Admiralty felt bound to give the Navy the best ships and to " avoid an irrevocable loss of time and building facilities which might make it impossible to maintain our sea security if it should be threatened."
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