Harvey Cheyne (Freddie Bartholomew), the wealthy heir to a business empire falls overboard while travelling to Europe for school. After nearly drowning, he is found by a fisherman named Manuel (Spencer Tracey). Disko Troop (Lionel Barrymore), the captain of the fishing ship, refuses to believe Harvey's claims as to his identity, and Harvey who had never previously worked is forced to work for Captain Troop. Harvey develops a close relationship with Troop's son Dan (Mickey Rooney) and slowly begins to learn that his wealth and aristocratic upbringing are not that useful in the real world.