In 1770, youngster Jonathan Blake (Freddie Bartholomew) overhears two sailors discussing something suspicious in his aunt's ale-house in a Norfolk fishing village. He persuades his more respectable best friend, Horatio Nelson (Douglas Scott), to sneak aboard the sailors' ship with him. They overhear a plot involving insurance fraud. When Jonathan decides to warn the insurers, Horatio cannot accompany him, because that same day he is invited to join the Royal Navy as a midshipman. Jonathan walks 100 miles to London to Lloyd's Coffee House, where the insurers conduct their business. John Julius Angerstein (Guy Standing), the head of one of the syndicates that make up Lloyd's of London, listens to him. Instead of a monetary reward, Jonathan asks to work at Lloyd's as a waiter. Angerstein explains to Jonathan that waiters at Lloyd's are also insurers and business promoters. Angerstein teaches him that news, "honestly acquired and honestly shared", is the lifeblood of the insurance industry.