Jack Frobisher, a sheep farmer in Queensland, has returned to England a millionaire, bought his way into the inner circle of Vanity Fair, married the daughter of a marquis, and settled in Mayfair, with a country house outside, a shooting box in Scotland, and a yacht on the "Solent." Having accepted the patronage of a titled family, he is forced to lend money to his father-in-law, and having fallen in love with a society woman, he becomes a witness of the vacuous amusements of the smart set. He settles her score when she is a very heavy loser at bridge and watches her flirtations with fashionable idlers in general and with a contemptible rake, Harry Dallas, in particular. The return of Hanky Bannister, one of his Australian pals, and a millionaire like himself, opens the way for a patrician intrigue for the enrichment of the marquis' family by the marriage of Lady Lucy Derenham.