At the present time, these formerly-despised regions send _one hundred tons of pure gold_ to England.

The political state of Europe itself had at this time assumed a singular aspect.

Napoleon had made himself master of nearly all the continental states; Spain, Portugal, Belgium, Holland, and a part of Germany were at his feet; and, by the Peace of Tilsit, he had secured the cooperation of Alexander, Emperor of Russia, in his schemes to ruin the trade and commerce of Great Britain.

England, by her opportune seizure of the Danish fleet, broke up the first great northern confederacy that was formed against her.

This act, though much impugned by the politicians of the day, is now known not only to have been perfectly justifiable, but also highly creditable to the political foresight of Canning and Castlereagh, by whom it was suggested, to say nothing of the daring and boldness that Nelson displayed in executing the manoeuvre.