ABSTRACT
The years 1926-32 produced the second intense period of competition for the naval contracts in the eastern Baltic. It also marked the time when the world financial situation produced the prosperity that allowed these states to purchase warships, as well as the advent of the Great Depression that destroyed many hopes for future expansion. After the full onset of the worldwide economic malaise, the small states of the eastern Baltic found it exceedingly difficult to scrape together funding for naval purchases.
