After the stock market crash of 1929, the Colt-Stratton family is forced to rent their yacht to the nouveau riche at the behest of Nella Fitzgerald, including gambler Barry Forbes and his sidekick Freddy Finn. When Freddy rigs the yacht's roulette wheel to respond to his saxophone, he is caught, but moments later, Captain "Sunny Jim" Roberts runs the yacht aground on the South Sea Island of Malakamokolu, ruled by Queen Malakamokalu, a White woman, who takes the passengers as forced labor. Tiring them, she offers to release them if Barry stays to marry her. However, once she hears Freddy play his saxophone, she falls in love with him and plans to blow up the yacht with a bomb. Barry manages to rescue the passengers, not the boat, and they accept their new home in the tropics.

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