The sea fights in the Channel, the Irish struggle receding in the distance, look like mere episodes; while the underlying action of trade and commerce is wholly disregarded, or noticed only as their outcries tell of their sufferings.

Yet trade and shipping not only bore the burden of suffering, but in the main paid the armies that were fighting the French; and this turning of the stream of wealth from both sea nations into the coffers of their allies was perhaps determined, certainly hastened, by the misdirection of that naval supremacy with which France began the war.

It was then possible, as it will usually be possible, for a really fine military navy of superior force to strike an overwhelming blow at a less ready rival; but the opportunity was allowed to slip, and the essentially stronger, better founded sea power of the allies had time to assert itself.
The peace signed at Ryswick in 1697 was most disadvantageous to France; she lost all that had been gained since the Peace of Nimeguen, nineteen years before, with the single important exception of Strasburg.

All that Louis XIV.

had gained by trick or force during the years of peace was given up.