Parrish, a struggling young author, leaves his study during a rainstorm to answer a call for help out in the garden.

He finds a dying man and is rewarded with the knowledge of a wallet under a spotted rock. His search rewards him with the discovery of a treasure map which he shows to Carroll, a retired sea captain, and the latter's cronies. A quest for treasure is planned.

Prior to the sailing of Carroll's ship, the Calliope, Parrish is drugged, the map is taken from his wallet and he is thrown from the dock to die. In the harbor waiting for a chance cargo is the Shantung. A girl leaps from her deck and drags Parrish to safety. When he revives the next day, he meets his savior, Bessie, fascinating American mistress of the Shantung's Chinese crew, and learns of Carroll's treachery.

Through the advice of Carmen, one of Carroll's gang, Parrish has secreted a copy of the treasure map and now the Shantung starts in the mad race for gold. Parrish arrives first but his victory is interrupted by Carroll's armed crew.

Bessie is imprisoned on Carroll's ship and Parrish fights his way to the beach, swims to the hostile Calliope and sets the ship afire. Bessie, still a prisoner, in the hold of the boat and suffocating from the smoke, breaks the port-hole window and shouts to the departing Parrish. Bessie is rescued and the pair return to the Shantung where after further thrilling adventures they find that they have discoverd the greatest treasure of all -- love.

At this point, the story turns back to the young author in his study and it transpires that the whole treasure hunt tale is one of his munscripts which has been accepted for publication.