150, 370.
While the queen and parliament were employed in settling the public religion, the negotiations for a peace were still conducted, first at Cercamp, then at Chateau-Cambresis, between the ministers of France, Spain, and England; and Elizabeth, though equally prudent, was not equally successful in this transaction.

Philip employed his utmost efforts to procure the restitution of Calais, both as bound in honor to indemnify England which merely on his account had been drawn into the war; and as engaged in interest to remove France to a distance from his frontiers in the Low Countries.

So long as he entertained hopes of espousing the queen, he delayed concluding a peace with Henry; and even after the change of religion in England deprived him of all such views, his ministers hinted to her a proposal which may be regarded as reasonable and honorable.

Though all his own terms with France were settled, he seemed willing to continue the war till she should obtain satisfaction; provided she would stipulate to adhere to the Spanish alliance, and continue hostilities against Henry during the course of six years:[*]* but Elizabeth, after consulting with her ministers, wisely rejected this proposal.

She was sensible of the low state of her finances; the great debts contracted by her father, brother, and sister; the disorders introduced into every part of the administration; the divisions by which her people were agitated; and she was convinced that nothing but tranquillity during some years could bring the kingdom again into a flourishing condition, or enable her to act with dignity and vigor in her transactions with foreign nations.