Young sailor Matt Peasley drops into the life of millionaire shipping magnate Cappy Ricks. Matt quickly rises to the position of captain of one of Cappy's finest ships before the owner ever meets him and discovers that he's barely 23. Matt is an extremely fast learner and has a natural businesss sense about him. Cappy takes a liking to the boy, but is determined to teach him a few lessons to give him his "cumuppance." These "lessons" give rise to hilarious situations in which Matt always gets the upper hand.