What is 'admiralty' as an abstract noun?
Solution 1:
price of admiralty
The cost of maintaining command of the seas, often with reference to Kipling's line, "If blood be the price of admiralty Good God, we ha' paid in full" ('Song of the English', 1893).
Source: The Oxford Dictionary of Phrase and Fable
In this context, "admiralty" refers to naval power (or specifically, the Royal Navy).