The image shows two naval warships in battle, one French, one British, firing broadsides at each other. Both have holes in their sails. On the left is a starboard stern view of La Gloire, flying the French flag at its stern. On the right is a starboard stern view of the Astraea, flying the British Royal Navy ensign at its stern. The Astraea captured La Gloire in the Channel on 10th April 1795.
(Source: Winfield, R. (2005), British Warships in the Age of Sail 1793-1817).