John Macready, a seafaring captain, who has been beached for losing his ship, goes into the salvage-from-wrecked-vessels business with lovable old George Lockhart,and is leading the fight against the erection of a lighthouse that would tend to do damage to the salvage business. Macready's brother, Angus, dies in a shipwreck, and Macreday begins to suspect that his lovable old partner may be causing the ship wrecks by misdirecting the vessels.