Context:
On this day in 1776, in his first speech before British Parliament since the leaders of the American Revolution came together to sign of the Declaration of Independence that summer, King George III acknowledges that all was not going well for Britain in the war with the United States .
In his address, the king spoke about the signing of the U.S. Declaration of Independence and the revolutionary leaders who signed it, saying, "
for daring and desperate is the spirit of those leaders, whose object has always been dominion and power, that they have now openly renounced all allegiance to the crown, and all political connection with this country." The king went on to inform Parliament of the successful British victory over General George Washington and the Continental Army at the Battle of Long Island on August 27, 1776, but warned them that, "notwithstanding the fair prospect, it was necessary to prepare for another campaign."
More:
http://www.history.com/this-day-in-history/king-speaks-for-first-time-since-independence-declared