Although octogenarian Sylvanus Heythorp is still chairman of a shipping company, he is £14,000 in debt to creditors from a personal loan which he cannot repay. He is well-liked and affectionately called 'Old English' by the people of Liverpool, allowing him to settle a fixed amount to be paid from his salary, which all but one of the creditors, Charles Ventnor, begrudgingly accept. Ventnor asks Heythorp to settle his £300 debt to him in full, but Heythorp refuses. Mrs. Rosamund Larne, the widowed wife of Heythorpe's late illegitimate son, asks for an increase in his support money, among other changes she was forced to make she has eliminated dance and music lessons her daughter was receiving. His grandchildren, Phyllis and Jock love him dearly and call him by the nickname 'Gardy', but they do not know he is their grandfather. He hits upon an idea to provide them with an independent income for life, by buying four ships for his company from owner Joe Pillin for £60,000, and taking a 10 percent kickback in the form of a trust to be deposited by Pillin for his grandchildren. The £6,000 will provide £60 income per quarter for life and make them independent. Pillin reluctantly agrees because he must get rid of the ships due to slack business, but he senses it is unethical. Heythorpe railroads the sale through at a shareholder's meeting despite some minor opposition; Pillin delivers the notarized trust and the deal is done. But Ventner finds out about it through Pillin's lawyer and threatens to expose the deal to the shareholders unless the debt to him is paid in full. "Pillin can spend his money any way he wants to," says Heythorpe, as he still refuses to pay the debt. Ventner replies that since Pillin didn't know his grandchildren, a trust in their name by him will surely outrage the shareholders. After Ventner leaves in a huff, Heythorpe mutters to himself "He won't get the chance."