Notorious pirate Joaquin Santos lives by the saying, "Dead Men Tell No Tales". He conspires with the prominent Squire Rattray to take over and plunder the Lady Jermyn, a ship carrying a considerable amount of gold, and then destroy the ship and kill its crew. Rattray, who is in love with Santos' daughter Eve, agrees to pick up the pirate, his crew and their loot on his private yacht after the deed is done. However, young George Cole, a passenger on the Lady Jermyn who is also in love with Eve, survives the attack and sets out to find her.

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