Memorandum from WSC [First Lord of the Admiralty] to the Cabinet, on suggestions for reductions in the Naval Estimates. Includes: table on British and German fleet strength on the China Station; a comparative table of the fleet strength of Britain and Germany, 1913-1920, showing the 60 per cent margin of British superiority; comparison of ships maintained by Britain and Germany in full or active commission at home and abroad in the summer of 1911 and 1915; notes by the Intelligence Department, Admiralty, on the increase in naval personnel in Britain, Germany, Austria-Hungary, Italy and the United States; the cost of submarine construction in Britain and Germany; the cost of light cruisers; the requirements of light cruisers; and the cost of certain capital ships. [Printed proof, annotated by WSC].