The wealthy and impulsive Rollo Treadway decides to propose to his beautiful socialite neighbor, Betsy O'Brien. Although Betsy turns Rollo down, he still opts to go on the cruise that he intended as their honeymoon. When circumstances find both Rollo and Betsy on the wrong ship, they end up having adventures on the high seas.

Wallaby Jim and his men have just found a valuable source of pearls in the South Pacific. But Jim's associate Norman has put the whole operation in jeopardy because of his gambling problem. Jim's unscrupulous rival Richter decides to exploit the situation by jumping Jim's claim and trying to take over for himself.