So Raeder projected a substantial force in violation of Versailles restrictions: 8 battleships, instead of 6 permitted by Versailles; 3 aircraft carriers, not provided for by the Treaty; 8 cruisers, instead of the 6 permitted; 48 destroyers, instead of 12 permitted under the Treaty; and 72 submarines, which were completely illegal. Given the cost and complexity of naval construction, the time-horizon of Raeder’s planning was expansive. The new fleet would be ready for action no earlier than 1949. However, spending had to start immediately and from the second half of 1934 onwards large orders
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