( 1 ) THIS appeal is by the plaintiff in a suit for redemption and is directed against an order, elated 31-8-1955, passed by Sarkar, J. by which be discharged the exceptions taken by the plaintiff to the report of the Commissioner and Special Referee appointed in the suit to submit a report on certain questions referred to him. The facts which are material for the purposes of this appeal are these : On 9-3-1943 one Chandmull Batia, the predecessor-in-interest of the appellant, executed a deed of hypothecation in favour of the respondent Bank in respect of certain shares as security for advances to be made by the Bank on the plaintiff's overdraft account. By this deed of hypothecation it was agreed that the Bank was to have a margin of 40 per cent in respect of ordinary shares and 25 per cent in respect of preference shares. The limit of advances to be made to the plaintiff was originally fixed at Rs. 50,000/- but it was increased from time to time and ultimately it stood at Rs. 3,50,000/- in 1947. From August, 1948, the Bank wrote a number of letters to the plaintiff pointing out that the securities held in deposit by the Bank against the advances made to the plai