ANANTANARAYANAN, J. :- This appeal instituted by M. A. and Sons (appellants) from the order and decree of the learned Second Assistant fudge, City Civil Court, Madras, dismissing O. P. No. 478 of 1961, involves certain questions of interest with

regard to a reference to arbitration, as provided for by the by-laws of the Madras Oil and Seeds Exchange (Pte) Ltd (first respondent). The essential facts and dates are as follows :

2. There were certain contracts, which were of the character of forward contracts, as between the appellants and the second respondent firm (Kilachand and Devchand and Co. Pte Ltd.) for supplies of groundnut oil on differing dates. It is not in dispute that, owing to the alleged bursting of the boiler apparatus, the appellants were unable to deliver, and reported the inability; in brief, the contracts were broken. On the principle of S. 60 of the Indian Sale of Goods Act, the second respondent chose to treat the contract as subsisting, and waited till the date of delivery. As there was no delivery, there was a claim in damages arising out of the contracts, Ex. A. 1 to A.4. While upon this topic, it is of importance to note a term of the contract, express