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Trader Phillip Barker and Big Schultz, an unscrupulous rival, both seek the attentions of Daisy, who is forced to accept Schultz's marriage offer to get a job in his general store on a South Seas island.  Losing to Schultz in a dice game, Barker bets his ship and cargo on a race to another island; en route, Barker rescues a man in a canoe, permitting Schultz to win.  The rescued man gives him some pearls from a treasure trove, and Barker sells them, buys back his ship, and prepares to sail.

Hearing of the plan, Schultz's men follow.  While Barker is exploring the ocean-bed for pearls, cannibals attack the ship, killing all but Daisy (who has stowed away) and McCarthy, the mate, whom they capture.  Mistaken in his diving suit for a god, Barker is able to save the captives.  Schultz's men attack them but are routed by a counterattack of the savages; and with the aid of his armor, Barker and his companions are able to escape.