Warship Speed in the early 20th Century

I have mixed feelings about the utility of speed in warships during the period from 1903 to 1945. For one thing, the period is not uniform. From the 1920's on, airpower had become a major factor. Prior to 1914, airpower was essentially a non-factor in operations.

During that time, the tactical value of speed was clear. The more speed, the greater the tactical advantage. After 1918, not all navies agreed on the importance of speed. In Britain, they were about ready to only build fast battleships (called battlecruisers, but heavily armored and gunned). In the U.S., the authorities dismissed the value of speed and were ready to build 32 knot cruisers rather than emulate the Japanese. The Japanese retained their mania for speed. The Nagara class were intended to be 36-knot ships. The original intent for the "10,000 ton cruisers" was for them to be 35-knot ships. They retained that desire right up until 1941. Having fast cruisers gave them ideal companions for fast aircraft carriers.