The Price of Malice.

Captain Mills is jealous of Jim Clifford, his fellow officer at the British War Department, so he steals an important document in an attempt to make Clifford look bad. Clifford has to undergo quite a bit to get the papers back, and his adventures take him to several fancy weekend parties, including one on a yacht, which wrecks. He discovers that Mills gave the document to Grace Weston, who doesn't realize what she's got.