1. On 26-4-1951 the appellant had applied to the City Civil Court for setting aside an award No. 19 of 1951 made against him. Pending the said application, the respondent had applied on 10-9-1951 for extension of time to make the award. The two proceedings were consolidated and on 20-6-1955 the learned trial Judge allowed the respondents application for extension of time and dismissed the petitioners application for setting aside the award. It is against this order that the present appeal has been preferred.

2. Both the appellant and the respondent were and are members of the East India Chamber of Commerce. It appears that this association had established a market or Exchange for effecting forward transactions inter alia in silver pieces. Consistently with the Articles of Association, Bye-laws were framed to regulate the transactions effected by members of the association in the said Exchange in respect of several commodities including silver pieces.

In about January 1945 a Syndicate of live persons was formed for dealing in silver pieces. On or about 5-2-1948, according to the respondent one Lawjibhai as representing the said Syndicate had instructed the respondent to purcha