Dim picCurrent As Picture
Dim shtPics As Worksheet
Set shtPics = ThisWorkbook.Sheets(1)
Const ksPic1 As String = "C:\Documents and Settings\All Users\Documents\My Pictures\Sample Pictures\Blue hills.jpg"
Const ksPic2 As String = "C:\Documents and Settings\All Users\Documents\My Pictures\Sample Pictures\Sunset.jpg"
Set picCurrent = shtPics.Pictures.Insert(ksPic1)
Set picCurrent = shtPics.Pictures.Insert(ksPic2)

Dim nHPos As Long
Dim nVPos As Long
Dim rTarget As Range
Set rTarget = ActiveSheet.Range("F10")
Dim nRow As Long
Dim nCol As Long
nHPos = 0
nVPos = 0
For nRow = 1 To rTarget.Row - 1
    nVPos = nVPos + ActiveSheet.Cells(nRow, 1).Height
Next nRow
For nCol = 1 To rTarget.Column - 1
    nHPos = nHPos + ActiveSheet.Cells(1, nCol).Width
Next nCol

picCurrent.Top = nVPos
picCurrent.Left = nHPos

##</code><code>##

use strict;
use warnings;
use diagnostics;
use Win32::OLE;

my $xl;
$xl = Win32::OLE->new('Excel.Application');
$xl->{Visible} = 1;
my $wb = $xl->Workbooks->Add;
my $shtPics = $wb->Sheets("Sheet1");
my $picCurrent = $shtPics->Pictures->Insert("C:\\Documents and Settings\\All Users\\Documents\\My Pictures\\Sample Pictures\\Blue hills.jpg");

my $nHPos = 0;
my $nVPos = 0;
my $rTarget = $shtPics->Range("F10");
for (1..$rTarget->Row - 1) {
    $nVPos += $shtPics->Cells($_, 1)->Height;
}
for (1..$rTarget->Column - 1) {
    $nHPos += $shtPics->Cells(1, $_)->Width;
}

$picCurrent = $shtPics->Pictures->Insert("C:\\Documents and Settings\\All Users\\Documents\\My Pictures\\Sample Pictures\\Sunset.jpg");
$picCurrent->{Top} = $nVPos;
$picCurrent->{Left} = $nHPos;