Edward Burden, a Brisbane bank clerk, determines to make himself wealthy. He forges a cheque on the account of his friend Bertie Wollaston to buy shares he knows will rise in value. Although he quickly replaces the stolen money, a junior clerk noticed the theft. Burden moves to London where he becomes immensely rich, with a mania for hoarding gold sovereigns, and buys racehorses.
His past returns to haunt him when the junior clerk arrives in London. Dramatic events follow, leading to a thrilling climax on Ascot racecourse, and the "golden ruin" of Burden.