“Germany agreed to restrict her Navy to one third the size of the British but was accorded the right to build submarines, explicitly denied her by the peace treaty, up to 60 percent of British strength, and to 100 percent in case she decided it was necessary to her security, which she shortly did. Germany also pledged that her U-boats would never attack unarmed merchant ships, a word that she went back on from the very beginning of the second war. As soon as the deal with Britain was concluded Germany laid down two battleships, the Bismarck and Tirpitz, with a displacement of over 45,000 tons. By the terms of the Washington and London naval accords, Britain, France, Italy, Japan, and the United States had to limit their battleships to 35,000 tons. Great Britain, as the French contended, had no legal right to absolve Germany from respecting the naval clauses of the Versailles Treaty. And, as many Frenchmen added, no moral right either.”

Book Three, Chapter 15, Aftermath: Widening of the Gulf: 1934-1936, discussing the Anglo-German Naval Agreement.
The Collapse of the Third Republic (1969)