Two men box with each other. One is paunchy and dressed in a full-body bathing suit. The other is dressed like an old-time boxer, with long, black trunks and a silk bandeau around his waist. They land some blows on each other, and the one who looks like a real boxer gets the worst of it.
It's Fred and Tom McNaughton, two well-known vaudeville -- or, since this is from British Mutoscope, music hall -- rough house comedians. Don't confuse the former with the performer known for the British TV comedy DAD'S ARMY; that was his son. I don't believe Tom McNaughton was the performer who appeared in American comedies from about 1915 through the 1930s, although I might be confused about him.