Memorandum by Sir Otto Niemeyer [Controller of Finance, Treasury] to WSC, Chancellor of the Exchequer, commenting on the balance sheet: discussing the effct of reductions in fighting services; estimating higher revenues from the Inland Revenue than forecast; and concluding that the balance sheet is likely to be plus £10-15 millions.Annotated "If the Navy is to be given a blank cheque (which is its demand), Britannia rules the waves is about all there will be left to rule."Typescript signed with initials.