Malaya

In January 1942, reporter John Royer returns to the United States and seeks out publisher John Manchester to discuss smuggling rubber out of Japanese-occupied Malaya. Government agent Kellar escorts Royer to a meeting with Manchester and others, where Royer is given approval to begin the operation.

The meeting confirms government sanction for the rubber operation, formalizing the scheme to exploit Malaya's rubber. Royer receives formal authorization to move forward and put the plan into action.

Royer persuades authorities to release smuggler Carnaghan from Alcatraz so he can assist with the operation. Carnaghan returns to the game motivated by profit and a chance to participate in the mission.

Royer and Carnaghan slip into Malaya and recruit the Dutchman, who gathers a gang from his saloon's patrons, including Romano. Carnaghan renews his connection with Luana, the Italian singer, expanding the operation's circle of allies.

Using cash and coercion, the network purchases all available rubber, consolidating control over stocks. They involve local players, including the German plantation owner Bruno Gerber, who is pressured into selling.

Colonel Tomura, the Japanese commander, hears of the smuggling operation and decides to intercept the next shipment. He plans a coordinated ambush to prevent the rubber from reaching safety.

On the final trip, Carnaghan senses trouble and forces Gerber to admit he tipped off Tomura. Royer opts to try going around the ambush, while Carnaghan declines to join him. The boats carrying rubber are attacked with machine guns, killing Royer and others.

In the aftermath, Tomura hints that he could overlook the rubber if offered gold. The Dutchman doubts Tomura can be bought, but Carnaghan decides to go along with a plan to foil Tomura, joining Romano in the effort.

Realizing Carnaghan intends to pursue Tomura, Luana boards his boat, expecting to die with him. Carnaghan shoves her overboard and waves as she struggles to swim to shore, a poignant sign of loyalty and loss.

Carnaghan brings Tomura to a concealed freighter, and a Japanese warship appears. He shoots the guards and kills Tomura, though he is wounded in the action. A pair of PT boats sink the warship as Carnaghan collapses from his injuries.

The Japanese flag is replaced by the Australian flag, signaling a symbolic end to the immediate danger. Kellar tracks the smugglers to the island where Carnaghan hides with Luana and offers him a medal, which Carnaghan sends back to the Dutchman.

The medal exchange underscores themes of loyalty and sacrifice. Carnaghan rejects the tribute and returns the medal to the Dutchman, while Kellar's pursuit hints at unresolved consequences for all involved. The ending emphasizes the costs of wartime smuggling and personal loyalties.