If England with her navy should fail, what could Spain achieve?
In the introductory chapter it was pointed out that the income of the Spanish government was drawn, not as a light tax upon a wealthy sea power, built upon the industry and commerce of the kingdom, but from a narrow stream of gold and silver trickling through a few treasure-ships loaded with the spoils of colonies administered upon the narrowest system.

Spain had much to lose, as well as to gain.

It was true still, as in 1760, that she was the power with which England could war to the greatest advantage.

Nevertheless, existing injuries and dynastic sympathy carried the day.

Spain entered upon the secretly hostile course pursued by France.
To this explosive condition of things the news of Burgoyne's surrender acted as a spark.