Dishonorably discharged from the Army Air Corps, Brad Dunham (George Raft) disconsolately decides to try his luck with Shanghai's postwar black market. Teaming with the treacherous Tamara Baranoff (June Havoc), Dunham prospers in his newly-found illicit profession, much to the dismay of his best friend, reporter Mark Andrews (Tom Tully). When Tamara has the troublesome Andrews murdered, Dunham realizes the folly of his behavior and works overtime to squash the black market for good and all.

An Austrian prince flees his homeland when the Nazis take over and settles in London. He meets a beautiful Austrian émigré who makes him realize his mistake in leaving. He makes a deal with the Nazis to return in exchange for some Austrian prisoners, but discovers that the Nazis are not to be trusted.

Bob Clemens is a cameraman for newsreels. Assigned to shoot the Swiss ice skater Karen Vadja, he arrives too late, so decides to film a woman skating on a different New York rink and pass her off as Karen. The scheme backfires when promoter Larry Herman takes a look at Bob's film and decides to make the skater a star. Unfortunately, it's actually amateur (and illegal immigrant) Marie Bergin in the newsreel footage, not the great figure skater from Switzerland. Chaos ensues as Bob tries to straighten everybody out.

Beautiful young Virginian Jane steps down from her proper aristocratic upbringing when she marries down-to-earth surveyor Matt Howard. Matt joins the Colonial forces in their fight for freedom against England. Matt will meet Jane's father in the battlefield.

Promoter Ann Porter decides to start her own Ice Show despite the efforts of ex-racketeer Duke Baldwin who owns a rival show. Jeff Stewart, a rich, suave young Broadwayite, falls in love with Ann and aids her in her fight against Baldwin.