A London couple, Fred Hill [Henry Kendall] and Emily ('Em') Hill [Joan Barry], lead a comfortable, middle‑class life with a shared love for their black cat, but Fred longs for something more than routine security and quiet dissatisfaction gnaws at him.
A letter from a wealthy uncle promises to fund their travels around the world now rather than later, so Fred quits his job and the pair set off to France, visiting Paris’s fashionable spots. The journey across the Channel is rough for Fred, who remains seasick throughout, while Em tries to keep spirits high and enjoy the sights.
Their next move is to book passage on an ocean liner from Marseille bound for the Orient. On board, Fred’s seasickness continues, and Em forges a tentative friendship with Commodore Gordon [Percy Marmont], a dapper, popular bachelor of mature years. They talk about love, and a dizzying moment leads to a kiss between Em and Gordon, after which she walks away, unsettled by what she’s felt. Fred, meanwhile, confronts his own restless yearnings and a growing attraction elsewhere.
As the voyage unfolds, Fred becomes smitten with a German princess [Betty Amann], while Em grows closer to Gordon. The result is a widening emotional rift: both spouses spend increasing time with their new companions, nearly eclipsing their marriage as they drift in different directions.
Upon reaching Singapore, the strain comes to a head. Em contemplates leaving with Gordon for his home in Kuala Lumpur, but Gordon reveals a troubling truth: Fred’s supposed princess is an adventuress who is merely using him for his money. Em makes the hard decision to warn Fred, but the moment has already altered the course of their marriage. Fred discovers that the so‑called princess has departed for Rangoon with £1000 of his funds.
The couple’s relationship survives the shock but is fragile; they reconcile only long enough to scrape together fare home to England on a tramp steamer. Fate tests them again when the ship is badly damaged in a foggy collision and abandoned by its crew. Trapped in their cabin as the vessel sinks, Fred and Em awaken to a fragile dawn and manage to escape through a porthole.
A Chinese junk then appears, and the salvage crew rescue workers left behind—along with Fred and Em, who bring a black cat with them. After a brief moment of relief—sharing rice and meat with the crew—the grim truth reveals itself: they have eaten the cat, its hide now nailed to a door as a macabre sign of the disaster’s toll. A Chinese mother gives birth aboard the junk, and Em is moved by the sight of a father’s love for his newborn, a small but poignant reminder of renewal amid peril. Fred sees a potential path to repairing their finances by claiming insurance on the sunk ship, and, back home, the couple seem happy at first—only to slip back into bickering about whether to stay in their apartment or move elsewhere.
In the end, the film’s title rings with quiet irony: the journey’s highs and lows expose how quickly wealth, romance, and security can be undone and reassembled, leaving a partnership tested, tempered, and finally bound by shared endurance rather than the dreams that drew them together.
