First off, this film has no connection to the more famous 1940 film of the same name starring Joan Crawford and Clark Gable. Second, this is not a lost film.
Nasty Sir Richard (Cosmo Kyrle Bellew) has put together a yachting party so he can pursue young Diana (Lee Patrick). While forcing his attentions on her, in walks Bruce (George Barraud) who threatens Richard if he bothers Diana again. While this is going on, we're told the yacht is experience weird problems with its electrical systems because of some freakish weather. Others in the party feel it's a psychic phenomenon.
While everyone is gathered in the saloon, the nights suddenly go out. There is a scream, and Mrs. Townsend (Josephine Brown) swears she feels the cold chill of death brush by her face. When the lights comes back on, Richard is missing, but the very knife Bruce threatened him with is stuck in the floor. There is blood.
The yacht's captain (Claude King) decides to interview the members of the party to discover who killed Richard. During the investigation it's shown that the ship's doctor (Frank Reicher) is actually an escaped killer (in disguise) who was stalking Richard for some reason.
But everyone has an alibi for the moment Richard disappeared. Or have they? Things grow more frantic when Bruce disappears.
There's an extended and very strange scene in which Mrs. Townsend and the first mate (Ned Sparks) ascend to the crow's nest. They talk about mysticism and hold a seance. They keep hearing rapping noises. They discover that Bruce is in a box in the crow's nest.
Meanwhile Richard's sister (June Nash) is a wreck, and her boyfriend (Russell Gleason) is searching the ship for secret panels. When he finds a secret passageway between the saloon and the doctor's office, a great surprise is found.
A truly strange film with many of the sins of early talkies such as static camera work and muffed lines. But it has its own fascination simply by being such an odd story.
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