"Dead men tell no tales" is the creed of pirate Joaquin Santos who enlists Squire Rattray in his plot to plunder the gold shipment from the Lady Jermyn and then destroy the ship and its crew. Because of his love for Santos' daughter Eve, Rattray reluctantly consents to pick up the villains and their loot in his private yacht. Among the unsuspecting passengers aboard the doomed ship is George Cole, who also falls in love with Eve. At the appointed time, the ship is blown up, and everyone is lost except for Cole, who begins to search for Eve. He discovers them secreted at Rattray's and after several close calls, both he and Eve escape and are reunited at last.