There is no cotton to be bought in China; the Emporer and his brother have a monopoly, but are waiting for a rise in price. A group of futile thinkers is called in to invent excuses for the shortage, the most successful whitewasher to marry the Emporer's daughter Turandot. Gogher Gogh, the gangster, burns half the imperial cotton stock so that the rest can be sold on a rising market, but Turandot does not care to marry him.