Five years have elapsed. Onedin is a prisoner in a settlement in South America from where he is rescued by Captain Baines,and they return to Liverpool. Macaulay,a wealthy Australian,keen to invest in the shipping trade with South Africa, does business with the Onedins but when the bank crashes,the Onedins lose out as their collateral is taken. Robert loses his shop and James's ships are forfeited but he manages to get them out of port before Macaulay claims them.
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