The script was based on the Leslie Charteris novel She Was a Lady (Hodder and Stoughton, 1931) which was also published as Angels of Doom and The Saint Meets His Match.

While dancing at a New Year's party, the Saint spots an agent of Valerie Travers preparing to shoot someone, so Templar guns him down first at the stroke of midnight.

Templar is placed by witnesses at the scene, so the San Francisco police request the assistance of Inspector Henry Fernack (Jonathan Hale) of the NYPD.

Travers' father had been a police inspector whose efficiency caused trouble for a mysterious criminal mastermind named Waldeman.

When a large sum of money was found in his safe deposit box, however, he was fired on suspicion of working for Waldeman and committed suicide.

Templar forces Travers and her gang to drive away, and aids her burglar, Zipper Dyson, in robbing Eastman's safe of a large sum of money.

The next morning, Templar replaces the stolen money in Eastman's safe, guaranteeing he will be exposed as Waldeman's front man, though he is killed fleeing his house.

Travers tricks Cullis into admitting that he framed her father under the pretense that she will give him the money, while Templar is confronted by Waldeman in the kitchen.