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...James and Letty are to be married on board ship by Captain Baines but this nearly does not happen when a group of shanghaied sailors attempt to overwhelm them, the plan being foiled by elderly Captain Jack and the marriage does go ahead. Daniel Fogarty has returned from Australia a rich man. He has begun a charity, the Albert Fund, and is knighted for his services. He marries Elizabeth at last but James's experience has prevented him from being their best man...
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