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Bill had fought game and taken incredible punishment. He could see now, after he had gone through the mill himself, that Stowsher Bill had fought for a bigger stake, that night twenty years ago, than had young Tom King, who had fought for glory and easy money. No wonder Stowsher Bill had cried afterward in the dressing-room. Well, a man had only so many fights in him, to begin with.

Youth will be served this saying flashed into King's mind, and he remembered the first time he had heard it, the night when he had put away Stowsher Bill. The toff who had bought him a drink after the fight and patted him on the shoulder had used those words. Youth will be served! The toff was right. And on that night in the long ago he had been Youth. To-night Youth sat in the opposite corner.

He remembered the time he put out old Stowsher Bill, at Rush-Cutters Bay, in the eighteenth round, and how old Bill had cried afterward in the dressing-room like a baby. Perhaps old Bill's rent had been overdue. Perhaps he'd had at home a missus an' a couple of kiddies. And perhaps Bill, that very day of the fight, had had a hungering for a piece of steak.

Yes, he had done better than all of them. There were none of his old fighting partners left. He was the last of the old guard. He had seen them all finished, and he had had a hand in finishing some of them. They had tried him out against the old uns, and one after another he had put them away laughing when, like old Stowsher Bill, they cried in the dressing-room.