her losses is
attributed to three causes, of which the first only was preventable:
(1) The inattention of merchant-ships to the orders of the convoying
vessels; (2) The immense number of English ships in all seas; (3) The
enemy's venturing the whole remains of his strength in privateering.
During the same year, 1761, the navy lost one ship-of-the-line, which
was retaken, and one cutter. At the same time, notwithstanding the
various exchanges, the English still held twenty-five thousand French
prisoners, while the English prisoners in France were but twelve
hundred. These were the results of the sea war.

Finally, in summing up the commercial condition of the kingdom at the
end of the war, after mentioning the enormous sums of specie taken
from Spain, the writer says:--

"These strengthened trade and fostered industry. The remittances
for foreign subsidies were in great part paid by bills on
merchants settled abroad, who had the value of the drafts in
British manufactures. The trade of England increased gradually
every year, and such a scene of national prosperity while waging
a long, costly, and bloody war, was never before shown by any
people in the world."

No wonder, with such results to her commerce and such unvarying
success attending her arms, and seeing the practical annihilation of
the French navy, that the union of France and Spain, which was then
lowering on her future and had once excited the fears of all Europe,
was now beheld by Great Britain alone without the smallest fear or
despondency. Spain was by her constitution and the distribution of her
empire peculiarly open to the attack of a great sea people; and
whatever the views of the government of the day, Pitt and the nation
saw that the hour had come, which had been hoped for in vain in 1739,
because then years of peace and the obstinate bias of a great
minister had relaxed the muscles of her fleet. Now she but reached
forth her hand and seized what she wished; nor could there have been
any limit to her prey, had not the ministry again been untrue to the
interests of the country.

The position of Portugal with reference to Great Britain has been
alluded to, but merits some special attention as instancing an element
of sea power obtained not by colonies, but by alliance, whether
necessary or prudential. The commercial connection before spoken of
"was strengthened by the strongest political ties. The two kingdoms
were so s