The manner in which current policies should be valued for proof upon the insolvency of a Life Office has been much discussed in our pages, and under cover of the conflicting decisions in Bell's and Lancaster's cases has given rise to much diversity of opinion. The interest of the question can scarcely be said to be exhausted. We are, therefore, glad to be able to present to our readers an elaborate judgment on the subject delivered by Lord Romilly, the late Master of the Rolls, which is not only interesting from the eminence of its author, but important as carrying the weight of a judicial decision. It will be best apprehended by perusal, and we will therefore only state that it unhesitatingly decides in accordance with the rule laid down by Lord Justice James in Bell's case, and against that of Lord Cairns in Lancaster's case. In order, however, to bring the whole matter down to the present time, we must remind our readers that it has been dealt with in the Life Assurance Companies Amendment Act, 1872, and again by the determination of Lord Westbury in the European Arbitration.