In 1840, Loxi Claiborne (Goddard) is running a marine salvage business started by her deceased father. A hurricane is passing through the Key West area, leaving behind at least one wreck on the nearby shoals. The "Jubilee" founders, and Loxi and other salvagers race to claim the cargo. Not arriving first, Loxi and her crew rescue the captain, Jack Stuart (Wayne), but do not share in the salvage rights. Apparently, the first salvager on the scene, King Cutler (Raymond Massey), may have actually planned the wreck.