Mr. Parham is a university don with solid right-wing convictions who dreams of finding a rich benefactor to finance a review he can edit. He thinks he has found such a man in Sir Bussy Woodcock, a "crude plutocrat" who makes money at anything to which he puts his hand. In an attempt to foster this acquaintance that goes on for six years, Mr. Parham finds himself involved in séances that summon a Master Spirit from the beyond. This entity occupies Mr. Parham's body, and commences to inspire a political movement (the League of Duty Paramount) that overthrows the British government in a coup d'état. As "Lord Paramount", Mr. Parham undertakes to conquer the world. But the opposition of the United States ultimately leads to a "Second World War" that goes badly for Britain. Believing that he can win if he overcomes the resistance of industrialists who control a new poison gas ("Gas L") but who refuse to make it available to the military, Lord Paramount attacks their stronghold ... and it is at this point that Mr. Parham reawakens from what has been a wild dream he had when he fell asleep during the séance. Shortly thereafter he discovers that Sir Bussy has never had any intention of conferring an editorship upon him, and the association of the "deflated publicist" and the millionaire is over.