The 1st state of this etching; in the 2nd state the figure of the Prince of Wales at lower right has been altered by Gillray to that of Lord Derby.
Library's copy identifies the names of the individuals caricatured in ink in the margins of the print.
Print shows a stage, flanked by the stage-boxes, with an orchestra composed of members of the new Ministry. George III has stepped on to the stage from the royal box to confront Napoleon, who stands upon clouds and points to an enormous scroll held up by Talleyrand. The Emperor, in uniform, with spurred jackboots and wearing a large, feathered bicorne, holds a sword in his right. hand and says fiercely: "There's my Term's." The King, who wears uniform with a small cocked hat and buckled shoes, holds his sword against his shoulder. He inspects the scroll through his glass, saying: " - Very amusing Terms indeed! - and might do vastly well with some of the new-made little Gingerbread kings - but WE are not in the habits of giving up either "Ships, or Commerce, or Colonies", merely because little Boney is in a pet to have them!!!" The scroll is inscribed: 'TERMS OF PEACE - Acknowledge me as Emperor - "mantle your Fleet, - Reduce your Army - Abandon Malta & Gibraltar, - Renounce all Continental Connection - Your Colonies I will take at a Valuation, - Engage to pay to the Great-Nation for 7 Years annually £1.000.000. and Pace in my Hands as Hostages the Princess Charlotte of Wales, with Ten of ye late Administration whom I shall name.' Immediately behind Talleyrand, and also on the Napoleonic clouds crouch Arthur O'Connor, looking down conspiratorially at Fox in the orchestra below. His words extend in a long label towards Fox: "Remember my Friend your Oath, - " Our Politicks are the same!" He holds a paper: 'at Maidstone Not Guilty - N.B - my Confederate Quigley only, was Hanged there.' Immediately behind the King is a lifelike statue of Pitt, with one hand resting on a pillar inscribed 'Integrity'. At the back of the stage, behind the King, is the sea with a man-of-war in full sail: 'The Royal Sovereign'. On the right are four stage-boxes. On the level of the stage the Prince and Mrs. Fitzherbert sit gazing at each other; he holds his cocked hat, she has a fan with the Prince's feathers and holds a play-bill: 'Shortly will be Perform'd the Farce Dolly made a Dutchess.' In the box immediately above are Horne Tooke (in clerical dress) and his friend Burdett, holding up his cocked hat.