Fred Hill is bored of his mundane office job and routine life. When a wealthy uncle offers him the money, he and his wife Emily decide to take a cruise. They take a ferry to Paris, where they enjoy an evening at the Folies Bergères, then return to their hotel somewhat drunk. From Marseilles they board a ship bound for the Far East.

Fred suffers from seasickness and spends the day in their cabin. Meanwhile, Emily becomes friendly with Commander Gordon, who she meets on deck. Gordon shows Emily a photograph of himself sitting alone outside his home. Emily draws herself sitting in the empty chair beside him. That night, Emily and Gordon enjoy the sunset. They kiss. Later, a fellow passenger gives Emily a seasickness cure for Fred.

The next day, Fred feels better, and he and Emily take a walk. Watching games on deck, Fred is hit by a stray ball. A beautiful foreign woman, who calls herself the Princess, comes up and apologises. Fred is captivated.

The ship arrives at Port Said, Egypt. A party leaves the ship to explore the town, and Fred and the Princess go off together, leaving Emily with Gordon. That night, there is a carnival aboard the ship. Once again, Fred spends time with the Princess. Later they kiss, and the Princess invites Fred to her cabin. After accepting a dance with another passenger, Fred sneaks into the cabin. Later Fred meets Emily in the bar, where they are joined by Gordon and the Princess.

The ship arrives in Columbo, and Emily finds that Fred has already gone ashore with the Princess. She shares a carriage with Gordon. Fred tells the Princess he is in love with her. Later, Fred and Emily, riding in separate carriages, run into each other, and the wheels of their carriages become locked together.

It is the last night of the cruise. Gordon invites Emily to join him at his home in Singapore. Reluctantly, she accepts. Fred and the Princess make their own plans. Later, Gordon and Emily share a carriage, and Gordon criticises Fred. He tells Emily that the Princess is a fraud, and will leave Fred once she has spent all of his money. Emily becomes upset and leaves Gordon. She tracks Fred down to a hotel, where she finds him with the Princess. The Princess leaves them alone. Emily tells Fred that Gordon has gone, and warns him about the Princess. They argue and Fred storms out. Later, he returns. The Princess has left, having already taken most of their money.

Miserable and almost broke, Fred and Emily take a cheap steamer home. The ship crashes, and Fred is hit on the head. They try to leave their cabin, but the door is blocked, and the porthole is already underwater. Convinced they are going to die, they resolve their differences. The next morning they awake and manage to get out through the porthole, which is back above water. The ship is deserted and drifting. They find an abandoned cat.

A Chinese junk boards the wreck, looking for booty. They climb aboard, carrying the cat. One of the Chinese drowns trying to leave the ship. Later the couple are served food, which they eat with relish, until they discover they have been eating cat meat. One of the women on the boat gives birth to a boy.

Finally, Fred and Emily return home. Everything is just as they left it. They kiss. When Fred starts talking about having a baby, Emily talks about moving to a bigger home. They start to argue.