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CHAPTER III THE GKEAT LIBERALITY OF THE AMERICAN OFFER The 5-5-3
ratio in capital ships was determined by omitting purely paper
programs and by including as a part of the capital ship strength of
each nation not only those ships already built but also those under
construction, to the extent to which construction had already
progressed. Japan later maintained that a ship was not a ship until
finished and contested strongly the inclusion of ships under
construction. Such omission would have brought their status quo
ratio up to about 5-5-31/2. But manifestly a new ship, say 98 per
cent ready for service, represented a state of naval power that
could not be ignored, and in fact an element of strength greater
than a completed ship that might be of antiquated design or out of
repair. The logic and justice of the American view was finally
conceded by the Japanese after somewhat prolonged discussion. In
reality America was extremely liberal in not assigning much greater
weight than was assumed by the plan to her building program of 15
capital ships. Construction was proceeding rapidly upon this vast
project, which already averaged about 35 per cent completion, and
which would be finished in about two years. The designs
incorporated all the principal lessons of the war so that the
completed ships would entirely outclass most of the existing ships
of the British and Japanese navies, which had no equivalent number
of ships under construction. Japan had 5 capital ships under
construction, together with a paper program for 10 more which were
omitted from the status quo calculations. But she was on the verge
of an acute financial crisis due to excessive taxation and to the
spending of more than 50 per cent of her revenue upon military and
naval activities. Her prospect was that shew...
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