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Dishonorably discharged from the Army Air Corps, Brad Dunham (George Raft) disconsolately decides to try his luck with Shanghai's postwar black market. Teaming with the treacherous Tamara Baranoff (June Havoc), Dunham prospers in his newly-found illicit profession, much to the dismay of his best friend, reporter Mark Andrews (Tom Tully). When Tamara has the troublesome Andrews murdered, Dunham realizes the folly of his behavior and works overtime to squash the black market for good and all.