Shareholders in Anderson's, a small-arms manufacturers, are being killed one by one whilst a tycoon plans a take-over. Rifles and other weapons, possibly manufactured by Anderson's, are being smuggled into Africa. Cathy Gale joins the board with a 20 per cent share in order to investigate.

The disappearance of an albino elephant from Noah Marshall's zoo seems to be linked to Steed's investigation of ivory dust in a gun shop. Steed sets out to rescue Cathy from the tiger's cage, find Snowy and investigate the ivory smugglers.

Several notorious criminals have vanished into thin air. A whisper has been received that the escape chain starts in London, but, when agent Paxton follows it, he winds up dead in the Thames with a 300-year-old bullet in him.