in point of
acquisitions made by Great Britain, with the total failure on the
side of Austria; and it is no great refinement to suspect the whole
of this to lead to an expectation that we may better buy back the
Netherlands for them, than put them to the expense of defending
them or regaining them; and that we should have an additional
motive for sacrificing some of our conquests to this object, if we
have two millions of money mortgaged upon it.

Of the advantage which may be expected at home from adopting this
shape of lending upon security, rather than of furnishing a direct
subsidy, I do not well know how to judge; but unless the security
could be shown to be in itself substantial, and of a nature to be
easily got at by those to whom it was due, I should doubt whether
the public at home would be better reconciled to it than to a
direct and acknowledged subsidy. The very small proportion of
effect produced by the large payments this year to the King of
Prussia, will create much indisposition to the incurring of a
similar expense again, unless it can be shown to promise, upon good
probable grounds, a much better return than we have had; and,
generally speaking, I cannot but fear that the mere difference in
point of exertion which we can hope from this country, may not turn
out to be worth the purchase-money in the estimation of the country
at large, though I should hope they might easily acquiesce in a
very considerable exertion, if a great manifest exertion of
strength, fairly disposable to the course of the war, could be
procured by pecuniary aids. What inducement there may be to this
measure, from any apprehension of the Emperor's withdrawing from
the war, is another part of the question, upon which I can form no
more correct judgment than belongs to the observation of a very
short residence here.

Lord Malmesbury hints to me a suspicion of a proposed concert
between the Emperor and the King of Prussia, to compel the Maritime
Powers to make peace, though he appears to give no great credit to
it. Certain it is, that in the month which we have past here, one
of the most striking features of the conversation, both of
Ministers and individuals, has been a hatred and aversion to
Prussia, by Thugut, too, particularly marked towards Lucchesini