This also hath straitened the convoys for trade; the coasts have been exposed for want of cruisers; and you have been disabled from annoying the enemy in their most beneficial commerce with the West Indies, whence they received those vast supplies of treasure, without which they could not have supported the expenses of the war." In fact, between 1701 and 1716 the commerce of Spanish America had brought into France forty million dollars in specie.

To these complaints the Dutch envoy to England could only reply that Holland was not in a condition to fulfil her compacts.

The reverses of 1712, added to Great Britain's fixed purpose to have peace, decided the Dutch to the same; and the English still kept, amid their dissatisfaction with their allies, so much of their old feeling against France as to support all the reasonable claims of Holland.
April 11, 1713, an almost general peace, known as the Peace of Utrecht, one of the landmarks of history, was signed between France on the one hand, and England, Holland, Prussia, Portugal, and Savoy on the other.

The emperor still held out, but the loss of British subsidies fettered the movements of his armies, and with the withdrawal of the sea powers the continental war might have fallen of itself; but France with her hands freed carried on during 1713 a brilliant and successful campaign in Germany.

On the 7th of March, 1714, peace was signed between France and Austria.