Lady Stacy again and begins seeing her in secret. Stacy, with heavy gambling losses and hounded by creditors, inveigles Jonathan to give him a share of the profits of his syndicate by insinuating he will expose them. War with France results in disastrous losses in 1805 that threaten to bankrupt Lloyd's. When the insurers raise their rates, British shipowners refuse to sail unless the old rates are restored. Angerstein proposes that the old rates be restored by persuading the Admiralty to provide armed escorts to the merchant vessels. But Horatio Nelson now commands the Royal Navy's Mediterranean Fleet and Jonathan objects that such a course would halve Nelson's fleet at a time when it needs to keep the French fleet blockaded in Toulon, threatening England's survival. He commits his syndicate to the old rates without escorts, single-handedly keeping British commerce going and Nelson's force intact. Stacy hounds Jonathan for funds, but as the losses mount, the syndicate runs out of money and he refuses. Elizabeth agrees to give her newly inherited fortune to Stacy in return for a divorce. However, the French fleet escapes Nelson's blockade anyway and Jonathan is abandoned by his syndicate members. Elizabeth forsakes her divorce and puts her fortune at Jonathan's disposal over his protests. Soon even this runs out. Lord Drayton, First Lord the Admiralty and Stacy's uncle, agrees to order half of Nelson's fleet to convoy the merchant ships. Before the order can be sent, Jonathan receives a letter from Nelson thanking him for his sacrifices and urging him "at all costs" to protect his fleet from being divided. Jonathan sends a false message from France reporting a victory by Nelson. Stacy, however, learns that Jonathan was in Calais on the day the message was sent and goes to Angerstein. Angerstein warns him that if he denounces Jonathan, he himself will be ruined because Elizabeth's fortune is tied up in the syndicate as well. Stacy finds Jonathan and Elizabeth in each other's arms and shoots his rival in the back. Jonathan, however, has bought enough time for Nelson to win the Battle of Trafalgar, although Nelson is killed. A recovering Jonathan watches from the window as his friend's funeral procession passes by. Cast Freddie Bartholomew as Jonathan Blake (as a boy) Madeleine Carroll as Lady Elizabeth Sir Guy Standing as John Julius Angerstein Tyrone Power as Jonathan Blake C. Aubrey Smith as Old "Q"