After the Stock Market Crash of 1929, the Colt-Stratton family are forced to rent out their yacht to the ''nouveau riche'' at the behest of Nella Fitzgerald (Polly Moran), including gambler Barry Forbes (Sidney Blackmer) and his sidekick Freddy Finn (Sterling Holloway). When Freddy rigs the yacht's roulette wheel to respond to his saxophone, in order to raise money for Linda Colt-Stratton (Sidney Fox), who has caught the eye of the gambler, he is caught, but moments later Captain "Sunny Jim" Roberts (Ned Sparks) runs the yacht aground on the South Sea Island of Malakamokolu, run by Queen Malakamokalu (Mary Boland), a white woman, who takes the passengers as forced labor. Tiring of 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, but not the boat, and they accept their new home in the tropics.
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