I believe Trafalgar was a great victory.

Still seems the full value of that victory took a long time to be realized. If the First Lord was not worried, then why were others so concerned?

Allow me to take 1807 (as I return to my old question as to the need for so many troops at home) for over 448,000 troops remained "at home" and the British Isles when the result in the main theater was in the balance. (See table below)

No need to refer me to Fortescue's points, they sound more like excuses rather than true reasons.

With a massive fleet of ships and the French threat [choose desired word: eliminated, reduced, dispersed], the Royal Navy sends only three sloops (Sally, Charles and Falcon; later a fourth arrived, the ill-fated Dauntless) to help at Danzig. This despite scores of mechantmen making their way into the Baltic for trade (I leave aside the odd brig used to transport officials and dispatches).

From the ground forces only the KGL contingent was on its way to Stralsund (arriving in July or post Friedland) and the planned British component had yet to sail.

Shortly thereafter, both land and sea forces manage to arrive and violate international law to take Copenhagen.

Something is missing in the story somewhere: Conspiracy? Cockup? or just the old mechantile element taking the nation in search of gold via romantic expeditions to South America, Naples, Istambul and Egypt?

By the way, I believe the Admirals of the Royal Navy were not keen to enter the Baltic as there was no prize money to be had - Keith avoided serve there and was put on the shelf for several years. There was prize money to be had from the Danish fleet.

Then, for Digby, I am sure leader would be allowed some emotion on the loss of a major battle.

Back to the point.

Trafalgar was an important victory. It seems doubts remained. - R

For numbers (not including the KGL) see Parl. Paper, July 18, 1807; Parl. Deb. ix. 111; Appendix had the British Military force in January 1807 including Volunteers :

Regulars Militia Volunteers
Cavalry at home 20,041 In Great Britian 53,910 Infantry 254,544
Infantry ditto, 61,447 In Ireland 24,180 Cavalry 25,342

- - Artillery 9,420
Total
Regulars at home 81,488 Total Militia 77,990 Total Vol 289,306

Regulars abroad
Infantry 93,114
Cavalry 6,274
Total abroad 99,388

Total regulars
at home and abroad 180,876

Total in arms in British isles (of whom 81,488 were regulars) 448,784