(A) If the council finds that further taxicab service in the city is warranted by the public convenience and necessity and that the applicant is fit, willing, and able to perform such public transportation, it shall order the director of public service and safety to issue to the applicant a new taxicab license upon the payment of annual fees hereafter required.
(B) In making the above findings, the council shall take into consideration the number of taxicabs already in operation, whether existing transportation is adequate to meet the public need, the probable effect of increased service on local traffic conditions, and the character, experience, and responsibility of the applicant.
('59 Code, § 761.05)