Part One - Mandalay
The novel starts with a teenage boy called Rajkumar running through the city of Mandalay to find a woman called Ma Cho. He is the last surviving member of his family and comes from Burma from India with a bright entrepreneurial spirit and a hunger for success.
Rajkumar's work as an assistant on Ma Cho's food stall takes place in the shadow of the Glass Palace, in which King Thibaw and his wife reside with their daughters, the princesses. As the British invasion comes to topple the incumbent regime, everyday citizens of Mandalay are able to enter the enshrined building, and it is then that Rajkumar spots Dolly, one of the princesses' assistants, and instantly falling in love with her. However, the entire Royal Family and their entourage are quickly extradited by the British and forced into house arrest thousands of miles away on the West coast of India.
Part Two - Ratnagiri
Whilst Rajkumar's quickly evolving career begins to take shape with the help of Saya John, a successful teak merchant (Ma Cho's sometime lover), we are given a glimpse into the awkward beginnings of a new life for King Thebaw and his family as they try to settle into the port town of Ratnagiri, north of Goa. Events conspire to weave Outram House (the name of the residence the British provide to house the family and what remains of their assistants) more firmly into the life of Ratnagiri than had been expected. King Thebaw is revered by the local community, and in time the family come to feel secure and even happy in their new surroundings. The arrival of a new Collector stirs up feelings of resentment towards the colonial regime, but Uma, the Collector's headstrong wife, is able to help bridge the gap by befriending Dolly.
Meanwhile, Rajkumar has been enduring the hardships of the teak trade, having witnessed man and beast working together on an epic scale as elephants transport large volumes of wood down from the forests for sale into the British Empire's vastly expanding markets. Being the opportunist that he is, Rajkumar starts to make his own way in world after receiving advice from his new friend and colleague Doh Say. Borrowing cash from Saya John, he makes the journey to India to recruit poverty-stricken village-dwellers into the comparatively lucrative (yet undoubtedly perilous) world of early oil-mining in Burma. Having made enough money this way, Rajkumar does what has been his dream for some time: buy a timber-yard of his own, with Doh Say as business partner.
Having built a more than modest commercial empire, Rajkumar had one piece of unfinished business: to track down the only girl he'd ever loved, Dolly. Through an Indian connection in Rangoon (Yangon), Rajkumar makes contact with Ratnagiri via Uma, and is accordingly granted an audience with the Collector and his wife over a meal that of course stiffly conforms to colonial best practice. To his surprise, Dolly is present, and after some drama, he finally persuades her to leave the family she has been exiled with, and return with him to Burma as his wife.
Part Three - The Money Tree
Saya John prides himself on being able to spot the next big commodity, and on their return to Rangoon, he hands Rajkumar and Dolly a small clump of odd elastic material: rubber.
Part Four - The Wedding
A joining of multi-ethnic families in Calcutta.
Part Five - Morningside
Life before World War II on a rubber plantation in Malaya.
Part Six - The Front
The story of the Japanese invasion of Malaya and Burma and the subsequent family losses of lives and properties.
Part Seven - The Glass Palace
Post WWII lives of the scattered families.