In post-war China, court-martialed pilot Brad Dunham (George Raft) now flies smuggled goods into the country. He attempts to force his immediate superior, Ramon Perez (Marvin Miller), to pay him more, but Perez resists, so Brad steals the cargo back.
The boss of the black-market operation is Tamara Baranoff (June Havoc), who agrees to Brad's demand of a 50% cut of the operation and fires Ramon as a show of good faith. Meanwhile, an American newspaper reporter, Marc Andrews (Tom Tully), a friend of Brad's, shows up in Shanghai to investigate black-market crime.
Brad meets a social worker, Linda Arnold (Helena Carter), and their friendship makes Tamara jealous. She insists that Brad do something about the prying reporter and steer clear of that other woman. Tamara's criminal rival tips off Marc that his pal Brad is involved with the crime ring.
Marc is knifed by Tamara's rival just as he is delivering a copy of his story exposing the black market. His dying wish is that Brad deliver the story for him, telling Brad that it was Tamara whose testimony led to Brad's unjust court-martial.
Brad distributes her black-market goods to needy citizens. Ramon turns up to ambush Brad, but his gun goes off, killing Tamara instead, and Ramon is placed under arrest. Brad and Linda contemplate a new life together.
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