42 Haw. 298 | Haw. | 1958
Appellant’s petition for rehearing is denied. The petition sets forth five grounds for rehearing. We see no reason for changing our opinion reported on page 233 ante.
The first and fifth grounds reiterate appellant’s argument on remaining life method which was elaborately briefed and argued and fully considered by this court. It may again be pointed out that appellant itself, in its original application for approval of changes in its depreciation charges and practice proposed the application of remaining life method in a converse situation where the amount of the book reserve for depreciation was less than the theoretical reserve under the straight line whole life group method of depreciation.
Under the second ground, appellant states that we are
The third and fourth grounds relate to the statement of this court that appellant’s objection to the commission’s order is based on the assumption that the order prescribed a 4% sinking fund whole life method. Appellant states that it makes no such assumption. However, without such assumption, there can be no basis for saying that the commission found an excess in the book reserve. The excess appears only when the book reserve is compared with the theoretical reserve under the 4% sinking fund whole life method.