( 1 ) THE two points which arise for consideration in this appeal are (1) whether the contract for the sale of jute entered into by the appellant with the respondent is hit by the Forward Contracts (Regulation) Act of 1952 and (2) whether the Forward Contract (Regulation) Act is a valid legislative enactment. The first point has been raised by the appellant whose application for setting aside the award made by the Bengal Chamber of Commerce and Industry has been dismissed by P. B. Mukharji J. , by an order dated 20-5-1957 and the second point has been raised by the respondent which has obtained the award.

( 2 ) THE facts which are relevant for the purposes of this appeal are these: On September 9, 1955 the appellant entered into a contract for the sale of 2250 bales of jute cuttings of Pakistan (Raw Jute) with the respondent in the standard form of the Indian Jute Mills Association which contains a clause for arbitration by the Bengal Chamber of Commerce and Industry. Under the contract delivery was to be given in the following manner (a) 750 Bales by October, 1955; (b) 750 bales by November, 1955 and (c) 750 bales by December, 1955. The appellant delivered 2000