A young seaman survives a burning schooner and reaches a remote island where a pearl-fishing community ekes out its living. The plot follows the hazardous work of dredging and pearling, the discovery and rivalry over a coveted black pearl, and the sway of a powerful local man, Schumer. Episodes range from shipboard disaster and underwater danger to a mysterious disappearance, violent confrontations over treasure, and a subsequent voyage to Sydney. Practical detail about pearls is woven with themes of loyalty, betrayal, and decisive fights that alter the characters' fortunes.