" Bye law 247 appears under the heading "Reference to Arbitration" and clause (a) thereof is relevant which runs thus: "247 (a) All claims (whether admitted or not) differences and disputes between a member and a non member or non members (the terms "non member" and "non members" shall include a remisier, authorised clerk or employee or any other person with whom the member shares brokerage) arising out of or in relation to dealings, transactions and contracts made subject to Rules, Bye laws and Regulations of the Exchange or with reference to anything incidental thereto or in pursuance thereof or relating to their construction, fulfillment or validity or relating to the rights, obligations and liabilities of remisiers, authorised clerks, employees or any other person with whom the member shares brokerage in relation to such dealings, transactions and contracts shall be referred to and decided by arbitration as provided in the Rules, Bye laws and Regulations of the Exchange".