Correspondents include: 1st Lord Lee of Fareham [First Lord of the Admiralty] on building 2 new battleships.Also includes: notes on the construction of the new ships and the Washington Treaty; comparative statements of Army, Navy and Air Force estimates and reductions (1920-1924) and pay levels (1913-1914 and 1922-1923); a note by WSC on the distribution of naval personnel; a provisional statement showing naval reductions suggested by WSC; a statement of numbers of naval personnel afloat and on shore; a memorandum from the Admiralty on the Geddes Report on Naval Estimates, and proposals for reduction of expenditure; replies from the Admiralty to WSC and the Cabinet Committee on Defence Estimates, on the Geddes Report.