JUDGMENT:- The appellant herein borrowed a sum of Rs.2,510 on various occasions from the respondent Nidhi on pledge of certain jewels, after executing promissory notes. Exs.B-1 to B-6 are six of the promissory notes executed by him. On the first two loans borrowed in the year 1954 and 1955 the rate of interest mentioned was 6¼ per cent per annum and on the rest 6- per cent per annum. However, under the promissory notes executed by the appellant for the various borrowings, he had agreed to pay interest at the rate mentioned therein "or such other rate as may, from time to time, be fixed by the directors of the said Nidhi and notified by them at the office of the said Nidhi." Relying on this clause, the respondent Nidhi demanded interest at the rate of 10½ per cent per annum as and from 1-7-1966 but the appellant refused to pay interest at the enhanced rate. In view of the appellant's attitude the respondent brought the pledged jewels to sale on 10-3-1968. With a view to avert that sale, the appellant filed O.S.800 of 1968 on the file of the City Civil Court, Madras, out of which this second appeal arises, for a declaration that he is liable to pay interest only at the rate