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Joan Wood, a modiste who has staked her fortune on a musical revue to be staged in Buenos Aires, finds herself unable to pay the rent of her apartment and fashion shop. Her sweetheart, Wally Wendell, is threatened with disinheritance unless he marries the daughter of a rival soap firm so as to effect a merger. Thus he joins Joan on a ship bound for South America, traveling as a stoker, along with his friend Basil and McGinnis, a cabdriver involved in a traffic accident. They are shipwrecked during a storm and make their way to a tropical island, rich in pearls and oil and lorded over by Jerry, who has educated the natives. Joan sells Jerry her costumes in exchange for the island, and when Wally's father arrives, he sanctions the marriage as a result of the transaction. Joan sells Mr. Wendell the island for $1 million, but a sudden earthquake causes the island to disappear into the ocean.