Wilder

Section 12 of the franchise of the Honolulu Rapid Transit Company, Limited, as originally enacted, provided as follows: “The company shall, during the month of January of eaeh year, pay to the City and County of Honolulu two and one-half per cent (2%%) of its gross income from its railway during the preceding calendar year.” Act 186, Session Laws of Hawaii 1921. In 1925 this section was amended by adding thereto the following proviso': “Provided, however, that no such payment shall be made, and said company shall be exempt therefrom, for eaeh and all *160 of the calendar years beginning January 1, 1925, and ending December 31, 1928, also provided, however, that if the Honolulu Rapid Transit Company limited, is granted an increased fare over the existing street car fare, that this aforesaid exemption shall cease from the date of the inauguration of such increased fare.” Act 227, Session Laws of Hawaii 1925.

Section 1320 of the Revised Laws of Hawaii 1925 provides that all real and personal property shall he assessed separately as to each item thereof for its cash value, provided that in all cases where real and personal property, or several classes or kinds or parcels of real or…