Warning:Spoilers follow
Set in post-World War II Britain, where social changes have meant that the formerly idle rich have had to seek employment; Bertie Wooster, though himself not in poor fortune, is attending a school to educate the upper classes in how to fend for themselves, and in his absence, Jeeves has offered his services to William Bellfry, the Earl of Rowcester, who is in poor fortune.
The story begins with a chance encounter between the rich widow Rosalinda Spottsworth and the white hunter Captain Biggs in a pub. Previously acquainted, on the hunting expedition where Mr. Spottsworth was killed; Mrs. Spottsworth is on her way to meet the Earl of Rowcester, on the invitation of his sister Lady Monica, with the intent of buying Rowcester Abbey; Captain Biggs is in pursuit of a dishonest bookie - he had placed a bet on two horses, at high odds, with the winnings from the first to ride on the second, and won, his £5 bet worth £3,000.
At Rowcester Abbey, Monica has arrived with her husband Sir Roderick to assist in the sale of the Abbey, and they are both shocked to find that the Earl is in better fortunes than they had last heard, now able to afford servants, and again shocked when they receive two phone calls; one asking what the Earl's car license plate number is, and the second from the police.
When the Earl arrives, in his bookie disguise, he laments having ignored Jeeves' advice to pass on Captain Biggs bet, and again shocked to find his sister and brother in law have come to visit. When told of the plan to sell, he is overjoyed, but thrown when it turns out that he had previously romanced Mrs. Spottsworth, and further thrown when Captain Biggs arrives, and is invited to stay.
After initial threats from Captain Biggs, he, the Earl and Jeeves hatch a plan to steal a pendant belonging to Mrs. Spottsworth, intending to pawn it, and to place the proceeds on an outsider bet at the Derby; Captain Biggs requires the money to feel worthy of proposing to Mrs. Spottsworth, bound by a code which frowns on gold digging.
Though initial attempts to acquire the pendant serve only to alienate the Earl's fiancée, Jill Wyvern, and the sale of the house, which would have yielded deposit enough to recompense the Captain, is thwarted by the tactlessness of Sir Roderick; Jeeves comes up with a successful plan, which exploits Mrs. Spottsworth's fascination in the supernatural.
The day of the Derby, however, the theft of the pendant is discovered, and the police called. Jill's father, the Chief Constable, having heard of Jill's suspicions, goes to the Abbey intending to horse whip the Earl. Jill, though still angry, warns Jeeves, who in turn explains to her the goings-on she had misinterpreted as an affair. The Captain is suspected of the theft, because of his absence, and hopes are dashed when the Captain's racing tip comes second in a photo finish. All things turn out for the best, however, when the Captain returns; unable to pawn the pendant. He professes his love, and explains his code, which Mrs Spottsworth rubbishes with the news that one of his friends, to whom he felt bound under this code, had married a richer woman.
Jeeves steps in while announcing the engagement, with the suggestion that Mrs. Spottsworth ship the house, brick by brick, to America and in doing so, secures the sale. The tale ends with Jeeves handing in his notice, as Bertie Wosster has been expelled from the school for cheating.
Plot
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