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MEETING OF PARLIAMENT.
Parliament assembled on the 20th of November. In his speech from the throne his majesty spoke with exultation of the victory gained by Nelson; and after alluding to other successes, and to the suppression of the Irish rebellion, congratulated the country on the prospect of new alliances, by which it might be anticipated that the power of France would be humbled. This alluded more especially to Russia, where the Czarina Catherine had recently been succeeded by her son Paul, whose line of policy was different from that of his mother. The address was animadverted upon in both houses by some members of opposition; but it was, nevertheless, carried without a division.
INCOME TAX SANCTIONED, ETC.
During this session the primary objects of parliamentary Consideration were, financial propositions, with measures for internal defence, for invigorating the European confederacy now forming, and for effecting a permanent union between Great Britain and Ireland. The estimated supplies for the ensuing year were put at £29,272,000; and Pitt proposed a new plan for raising a considerable part of them—by an income tax. A series of resolutions to this new and bold plan were passed in the house of commons before the close of the year; and the bill finally passed into a law on the 18th of March ensuing, the 5th of April being the day fixed upon for making the returns of personal property. Pitt’s resolutions in substance were, that the augmentation of the assessed taxes made in the last session should be repealed, and have its place supplied by a duty upon all incomes above sixty pounds a year. If a man’s income exceeded two hundred pounds a year, he was to pay ten per cent, upon it; if it exceeded one hundred pounds, he was to pay considerably less upon it; and if between sixty pounds and one hundred pounds, he was to be taxed in a diminished proportion. This bill, after undergoing some amendments of detail, passed; and Pitt anticipated a revenue from it of £10,000,000, the yearly income of the whole nation being about £102,000,000. Early in the session 120,000 men were voted for the navy, and an increase of the yeomanry and militia was sanctioned.