It was a small people that had for several months faced with undaunted front the gigantic power of Bonaparte and that of the Armed Neutrals.
This population of less than 18,000,000 souls, of which nearly one-third openly resented the Act of Union recently imposed on Ireland, was burdened by a National Debt which amounted to L537,000,000, and entailed a yearly charge of more than L20,000,000 sterling.

In the years of war with revolutionary France the annual expenditure had risen from L19,859,000 (for 1792) to the total of L61,329,000, which necessitated an income tax of 10 per cent.

on all incomes of L200 and upwards.

Yet, despite party feuds, the nation was never stronger, and its fleets had never won more brilliant and solid triumphs.

The chief naval historian of France admits that we had captured no fewer than 50 ships of the line, and had lost to our enemies only five, thereby raising the strength of our fighting line to 189, while that of France had sunk to 47.[181] The prowess of Sir Arthur Wellesley was also beginning to revive in India the ancient lustre of the British arms; but the events of 1802-3 were to show that our industrial enterprise, and the exploits of our sailors and soldiers, were by themselves of little avail when matched in a diplomatic contest against the vast resources of France and the embodied might of a Napoleon.
Men and institutions were everywhere receiving the imprint of his will.