leaped lightly to their feet, and advanced swiftly but cautiously towards the centre. 

 To any one sufficiently pagan to admire the human form they made a pleasing and effective picture. Both nude, except for a pair of very short blue trunks, they moved forward with the lithe grace of a couple of young panthers. Under the pitiless glare of the big arc lamps the rippling muscles on their backs and shoulders were plainly visible. Bugg's white skin stood out in dazzling contrast to the swarthy colour of his opponent, but as far as bodily perfection went there seemed to be nothing to choose between them. 

 For a few seconds they circled stealthily round the ring sparring for an opening. Lopez, who had adopted a slightly crouching pose, was the more aggressive of the two. He was famed for the fierce impetuousness of his methods, and on his last appearance at the Club he had signalized the occasion by knocking out his adversary in the second round. 

 In the present instance, however, he appeared to be a little at a loss. There was nothing very unusual to the eye about Bugg's style, but the almost contemptuous ease with which he brushed aside a couple of lightning-like left leads was distinctly disconcerting to his opponent. 

 Realizing apparently that as far as quickness and skill went he had met more than his match, the Livadian evidently decided that his usual robust tactics might be the most effective. He drew back a pace, and then slightly dropping his head, sprang in with the vicious fury of a wildcat, hitting out fiercely with both hands. 

 The suddenness of the attack would have taken most boxers by surprise, but that embarrassing emotion appeared to have no place in Bugg's philosophy. With the swiftness of light he stepped to one side, and just as the human battering ram in front of him hurled itself forward, he brought up his right hand in a whizzing upper cut that caught his adversary under the angle of the jaw. The blow was so perfectly timed and delivered with such tremendous force that it lifted Lopez clean off his feet. With his arms flung out wide each side of him he made a sort of convulsive jerk into the air, and then crashed over backwards on to the floor, where he lay a huddled and inert mass. 

 For an instant the whole house remained hushed in a stupefied silence. Then as the time-keeper began to count off the fateful seconds a sudden hoarse roar broke out all over the building. Above the din could be heard the voices of Lopez' seconds, howling abuse and entreaty at their 

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