Mauler Mills was too experienced a pugilist to be perturbed by the mystery surrounding his adversary. The stakes had been handed in, and the purse of L20,000, in one pound-notes, had formed a full-page illustration in _The Trumpet_, with a photo of the Mauler eating gooseberries inset. Content with this knowledge, he trained faithfully and well, treated the interviewers with great courtesy, and publicly announced that Smasher Mike would be knocked out early in the third round by means of a left hook to the jaw. The betting on Mauler Mills was a hundred to one. Young Lord Tamerton was in desperate straits. The estate to which he had succeeded at the age of ten had been administered during his minority by a fraudulent executor, who had absconded to South America with his ill-gotten wealth. Matters had since gone steadily from bad to worse, and the young peer was now face to face with utter ruin. An effort had been made to retrieve the family fortunes by the marriage of his sister, the beautiful Lady Margaret Tamerton, to her cousin, the wealthy Sir Ernest Scrivener, but the providential discovery that the latter was already married under the _alias_ of Marmaduke Moorsdyke had prevented the match. Since then Sir Ernest had been their implacable and relentless enemy, and his desperate attempt to kidnap Lady Margaret had only been frustrated by the skill and courage of the famous athlete, Ralph Wonderson. Lord Tamerton was seated at a grand piano, playing BACH and moodily reflecting on these matters, when Ralph Wonderson himself entered the room, vaulting lightly over piano and performer as he did so. "What's the matter, Fred?" he asked. "You look blue." Lord Tamerton dramatically threw L8 4_s._ 6_d._ on the table. "This morning I pawned the Island Cup, which you won for us," he said bitterly. "That is the result, and that is what stands between me and starvation." His voice broke, "And--and between Madge and starvation," he added. Ralph laughed gaily. "I'm not rich," he said, "and if I were I don't suppose you'd accept money from me. But I came here purposely to put you in the way of making it. Wager as heavily as you can on Smasher Mike. The odds are a hundred to one against him. I can introduce you to a man who will consider your name sufficient security for a loan of L5,000. That will bring you in L500,000, which should secure you at any rate from absolute privation. As for little Madge--well, I have a bare L8,000 a year, but if----" A light step was heard behind him, and a small hand stole into his own. "I would marry you," said Lady Margaret, "I would marry you if it were only L7,000." As the lovers gazed fondly into each other's eyes, a sinister figure emerged from the grand piano and slipped out noiselessly through the open door. (_To be concluded in our next._) * * * * *