starring Errol Flynn, Brenda Marshall, Claude Rains, Donald Crisp, Flora Robson, Alan Hale, Henry Daniell
directed by Michael Cutiz
1585. A Spanish ship carrying Don José Alvarez de Cordoba (Claude Rains), the ambassador of the King of Spain, and Dona Maria (Brenda Marshall), his niece, is attacked by the Albatross, an English ship. The Spanish ship was headed to England on a diplomatic mission. The Spanish ship is sunk by the crew of the Albatross who are led by Geoffrey Thorpe (Errol Flynn).
Thorpe delivers Don Alvarez and Dona Maria to the court of Queen Elizabeth. Don Alvarez protests the treatment they received at the hands of Captain Thorpe. The queen acts annoyed in court and promises to punish Thorpe but later in private she thanks him.
Thorpe plans a mission to steal more Spanish gold in Panama. He wants the queen's blessing but even though she likes the sound of his plan she cannot give him what he wants.
Thorpe visits Dona Maria while he is still in court. Miss Latham (Una O'Connor), her lady in waiting, urges her to get closer to Thorpe. She is resistant but even though she despised him at first her feelings start to change.
Don Alvarez and Lord Wolfingham (Henry Daniell), one of Queen Elizabeth's advisors, plot together to eliminate Thorpe. The queen gets wise to what is going on and sends word to Thorpe that he needs to leave immediately.