The great event of the Session of 1853 was Mr. Gladstone's Budget, a bold and sweeping measure which contained an important novelty in the shape of a succession duty, estimated to produce some £2,000,000 a year, and a reduction of the income-tax, of which two-sevenths were ultimately to be abolished. It also contained the reduction of duties on 133 articles, their total abolition on 123, and, taken altogether, was one of the most comprehensive financial statements ever produced by a Chancellor of the Exchequer. Not content with these innovations Mr. Gladstone proposed a conversion of the National Debt, by which the old 3 per cent. bonds which stood at par were to be exchanged for Exchequer bonds or for 3-1/2 or 2-1/2 stocks which stood at 163. It was a magnificent Budget, based however on a false assumption, that the era of peace was to be long protracted, a sanguine estimate which was very far indeed from being realised. Moreover the new succession duty did not produce one-fourth of the sum which its author had anticipated, and owing to the advent of war the reduction of the income-tax was found to be wholly impracticable. "The best-laid schemes of mice and men aft gang agley." Europe was allowed scant breathing-time after the wars which sprang from the political movements of 1848 had come to an end. An old danger, one which at intervals, sometimes as a grim shadow, sometimes as a near reality, had threatened the general peace, appeared once more. In 1852 it became known that the Emperors of France and Russia, were, in the names of their respective Churches, wrangling over the Holy Places of Palestine, where members of both the Latin and Greek Churches had set up rights of worship. The Prince-President of the French Republic had raised the demon of the Eastern Question, and the policy which Prince Louis Napoleon initiated as President, he pursued with fresh vigour when he became Emperor. That policy was one of the causes which led directly to those great events which we know under the collective name of the Crimean War.