Captain Davis, Robert Herrick, and J. L. Huish--three failures on a derelict ship--visit an island on which pearl concessionaire Richard Attwater and his daughter, Ruth, are the only white inhabitants. Davis and Huish plan to steal Attwater's pearls, while Herrick falls in love with Ruth, but they all meet Attwater's wrath when he becomes aware of their intentions. Huish is consumed in flames; a mast crushes Attwater; Herrick and Ruth escape both a burning ship and an octopus attack, and find romance.