Under a deed of settlement, under which the sum of 2,000l. was settled, the settlor, after settling certain policies of assurance on his life and other securities upon trustees for his wife, covenanted to increase the property to the value of 2,000l. The policies were payable on the death of the party assured, and were assessed by the settlor for the purposes of duty at their surrender value at the date of the deed. The collector of imposts charged duty on the settlement by assessing the policies at their full face value. There was no covenant by the settlor to pay the premiums, and the trustees under the deed were expressly indemnified from any obligation as to keeping up the same.