The tale is that of a curious expedition to a pearl lagoon off the South Sea Islands in search of untold treasures. The members of the party are a newspaper reporter, a degenerate Australian, who is literally seeped in gin, and a cunning Chinese, who supplies the money to fit out the vessel. When they arrive at the island, they find only a girl, Leila, who was shipwrecked with her father long before. Leila is so glad to see white men again that she eagerly shows them a bag of beautiful pearls brought up from the ocean bed by her father, who disappeared shortly afterward. The pearls are so tempting to the Australian and the Chinese that they form a combination against Leila and the reporter, Bruce Chalmers, when the latter refuses to aid them in robbing the girl. The struggle which follows for the possession of the pearls and the lagoon is very realistic.