Upon the filing of an application for a new taxicab license, the director of public service and safety shall investigate the statements made therein and shall present the application with a report of his findings and recommendations to the council as to the fact that the public convenience and necessity warrant the granting of the new license. The council shall thereupon set a date for public hearing and shall instruct the director of public service and safety to give notice for at least one week before date of hearing, in writing, to the applicant and to all persons currently having city taxicab licenses.
('59 Code, § 761.04)