The terms of the preliminary agreement requires…

The terms of the preliminary agreement requires the UK to restore most of the French colonial possessions it had taken, to evacuate Malta (which is to be restored to the Order of St. John, whose sovereignty is to be guaranteed by one or more European Great Powers, to be determined at the final peace), and withdraw from other occupied Mediterranean ports.

France is to restore Egypt to Ottoman control, withdraw from most of the Italian peninsula, and to preserve Portuguese sovereignty.

Ceylon, previously a Dutch territory, is to remain with the British, Newfoundland fishery rights are to be restored to the status quo ante bellum, and the UK is to recognize the Seven Islands Republic, established by France on islands in the Adriatic Sea that are now part of Greece.

Both sides are to be allowed access to the outposts on the Cape of Good Hope.

In a blow to Spain, the preliminary agreement includes a secret clause in which Trinidad is to remain with Britain.

News of the preliminary peace is greeted in the UK with illuminations and fireworks; in Dublin a street is named for the treaty.

Peace, it is thought in Britain, will lead to the withdrawal of the income tax imposed by Pitt, a reduction of grain prices, and a revival of markets.