Charles was as able as he was universal in his sovereignty; he organised his vast empire on practical lines under well-chosen regents, none of whom was more excellent than Margaret of Austria, under whom the country prospered exceedingly. She was as shrewd and far-seeing as she was admirable in character; a poet in her own right, she fostered art, letters, and general culture, and her death in 1530 was a loss to Flanders and also to the Emperor, who immediately appointed his sister Mary regent in her place, a lady of less distinguished abilities, but a good and faithful servant for a quarter of a century. Charles V estimated Luther, and the Reformation generally, at something of their true value; he saw the menace as well as the merit of the budding revolution and opposed it firmly because of its dangerous elements, which were already revealing themselves. The great era of the Middle Ages had come to an end, carrying with it in its fall many of those elements of righteousness in thought and action for which Charles cared almost passionately. He was of the older age rather than of the new, and in the end the conviction that he had failed to stem the tide, coupled with the progressive ruin of the old religion, the old philosophy, the old order of life, led him to abdicate what was almost the throne of the world and seek refuge in a monastery, where he devoted the brief remainder of his life to prayer, meditation, and the making of watches. In the meantime, however, he had done Europe inestimable services, amongst them the beating back of the Moslem host, the recovery to Christianity of Hungary, the conquest of Tunis, and the general blocking of the double lines of Mohammedan advance. He was successful in his new crusade against the Eastern infidels, but he could not arrest the progress of heresy and anarchy in the West, and he finally abandoned the fight in despair, turning over to others a royalty too heavy to be borne. To his son Philip were given Spain, the American possessions, and the “Low Countries,” which then comprised all Belgium, Holland, and Luxembourg as well as Artois and Cambrai. So began the Spanish dominion over the very centre of the Heart of Europe. It was the richest state in the world; when Philip II became sovereign there were seventeen provinces with 208 great walled towns, 150 boroughs and more than 6,000 villages. The products were infinitely varied and were famous throughout the world: woollen cloth, linen, silk, velvet, damask, embroideries, gloves, metal-work of every kind. Antwerp was in the lead in commerce, and it is said that the city had a population of 250,000, with 1,000 resident foreign merchants; 500 ships entered the port daily, and 300 wagons from across the frontiers of France and the Empire, while more business was transacted there in a week than in two years in Venice, her great commercial rival in the South. Such were the lands that came to Philip of Spain: the richest prize that Europe could afford.