1800:- Young Edmund Talbot is sailing to Australia to take up a government post, on a decrepit old ship skippered by Captain Anderson, who is hostile to Edmund until he realizes that he has important relatives. Far more admirable to Edmund are Lieutenants Summer, who has worked his way up through the ranks, and the dashing Deverel. His fellow passengers number demure governess Miss Granham, the republican Mr Prettiman and artist Mr Brocklebank, travelling with his wife and daughter Zenobia - who initiates Edmund into sex - though ultimately he realizes that they are not related, merely a carnal ménage a trois. Also on board is the gauche young vicar Colley, who inadvertently breaches protocol by going onto the bridge uninvited. Ashamed he gets drunk and has gay sex with crew members before locking himself in his cabin, where, despite Edmund's efforts to bring about reconciliation, he wastes away and dies.

The ship is becalmed and another vessel is sighted, which turns out to be British - the Alcyone, whose commander announces that the war with France is over. The two vessels anchor alongside and a ball is held for the passengers. Here Edmund meets the sweet Marion Chumley, though he has a rival for affections in Deverel. However, when the two ships part Deverel is exchanged for the Alcyone's officer, the urbane Benet and Edmund confides in Summers his regret at having to say goodbye to Marion. A storm blows up, during which the unfortunate steward Wheeler, considered a Jonah, is thrown overboard and Prettiman severely injured, being nursed rather unexpectedly by Miss Grnham. A mast is also broken and Benet and Summers disagree over the best way to mend it.