When an elderly lady in Australia is put under hypnosis for relief from her back pains, she suddenly reveals that she is long-lost aviatrix Amelia Earhart. The doctor leaks the story to the press and, in Manhattan, young reporter Denis Keyser becomes interested. The lady in Australia had mentioned a Project Sherman, and eventually Denis finds that this refers to a secret shipment of gold bullion to China that was lost in 1937 when the U.S.S. Sherman sank off a South Pacific atoll. President Roosevelt had asked Earhart to make a secret reconnaissance of the area--but, of course, she disappeared. Can the new lady locate the missing ship and its bullion? As it turns out, she can. Meanwhile, one of the Sherman's survivors--now a stockbroker--gets wind of the bullion, and he pulls a stock market swindle to finance a salvage operation. And thirdly, a Chinese secret agent masquerading as an Earhart biographer insinuates himself into the salvage job. Denis and his girlfriend are also aboard when the salvage ship's minisub locates the sunken ship and brings back a bar of gold. But a rival Chinese sub now shows up, as does a frigate claiming first rights, and an international incident is blooming. In the midst of this chaos, ""Amelia Earhart"" again disappears--was she the real thing? A sequel may be brewing; if so, may it have more bite than this first bland, hectic serving.