At any hearing, whether in termtime or in vacation, the chancellor shall have power to refer any issue or issues arising under the proceedings authorized by Sections 89-1-301 through 89-1-329 to a master in chancery or to the local farm debt adjustment committee, or any similar federal or state agency, and may prescribe the time within which the master or agency aforesaid shall report. The chancellor shall give consideration to such report with or without exceptions as in his judgment and discretion the same may be entitled.