They are Herrick, a failed English businessman; Davis, an American sea captain disgraced by the loss of his last ship; and Huish, a dishonest Cockney of various employments.

One day an off-course schooner carrying a cargo of champagne from San Francisco to Sydney arrives in port, its officers having been killed by smallpox.

Herrick, whose conscience is severely troubled by the plan but feels he has no other way to escape poverty, is left alone to manage the ship and three native crew members, despite having no seafaring experience.

Attwater, a devout Christian, has been harvesting pearls here for many years with the help of several dozen native workers, all except four of whom have recently also died of smallpox.

The lengthy voyage of the stolen ship has been described as "a microcosm of imperialist society, directed by greedy but incompetent whites, the labour supplied by long-suffering natives who fulfil their duties without orders and are true to the missionary faith which the Europeans make no pretence of respecting".