An American Merchant Marine captain, rescued from a Chinese Communist jail by local villagers, is "shanghaied" into transporting the entire village to Hong Kong on an ancient paddle steamer.

A crew of land locked pirates, led by the aptly named Peg, go in search of buried treasure hidden by the treacherous Mudhook and his twin brother. They meet up with good natured landowner, Don Aragon, who goes along for the ride with his sister and a young boy, Jamie. Along the way, Peg and Jamie form a father son relationship that is put to the test due to Peg's naturally dishonest ways.

An ex-army officer accidentally kills a woman's son and tries to make up for it by escorting the funeral procession through dangerous Indian territory.