Article VI
No capital ship of any of the Contracting Powers laid down after the entry into force of this treaty shall carry a gun with a calibre in excess of 15 inches (381 millimetres).
Part 3.-Replacement
The replacement of capital ships and aircraft carriers shall take place according to the rules in Section I and the tables in Section II of this Part.
Section I.-Rules For Replacement
(a) Capital ships and aircraft carriers may, except as otherwise provided in Article VIII and in the tables in Section II of this Part, be replaced by new construction, but within the limits prescribed in Article IV and Article VII.
Allowable capital ship replacement tonnage shall accrue on the 1st of January every year after the date of the signing of this treaty at the rate of 1/25th of the prescribed tonnage listed in Article IV. The keels of such new construction may not, except as otherwise provided in Article VIII and in the tables in Section II of this Part, be laid down until sufficient tonnage has been accrued.
The Admiralty essentially agrees to be the only country without a 16" guns in return for the Treasury agreeing to a limit on the rate of construction rather than a complete battleship holiday. How plausible do you all think this is?