Copy of a letter from WSC [Chancellor of the Exchequer] to William Bridgeman, First Lord of the Admiralty, accepting naval estimates of £55,865,000 provided that the Treasury and Admiralty will continue to attempt to reduce expenditure; discussing scheduling of Cabinet enquiries into the Fleet Air Arm and Cordite Reserve; and undertaking to make no opposition to one larger type cruiser being built the following year.Unsigned carbon typescript.