Got to thinking on how the Philippines would have 11 factories, but Chile only 7...
When I get to thinking, it's always a dangerous thing...
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In 1910, both countries only had six factories. Their course over the next ten years, however, was drastically different.
The Philippines decided not to build up their navy right away. (In fact the ONLY ship built between 1909 and 1922 was the light cruiser Palawan.) Instead, all naval resources were poured into increasing the industrial base, so that when they were ready to step into the naval arena, they would be (for the most part) self-sufficent, capable of building their own ships, and at a reasonable rate.
Chile, meanwhile, was a participant in the ABC Naval Race, and could not afford such a luxury. Only one new naval materials factory was completed in the next 14 years; instead, two Dreadnoughts and a number of destroyers were ordered abroad.
So now, as 1925 starts, both countries have a fairly comparable fleet (if you exclude those two Chilean dreadnoughts); however, the Philippines appears to have the better prospects of future expansion, as their added industrial capability allows them to maintain their ships without unduly affecting the building programme.
And thus, some members of the Chilean Admiralty believe that the best - perhaps only - hope for their fleet, lies in the expansion of their country...
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Ithekro, does this square with your thinking in any way?