A mysterious villain who calls himself The Dragon is attempting to prevent International Airways from beginning service in Mongolia, in order to protect the secret of the mountain of jade for himself. It features a dungeon in the nearby monastery, the kidnapping of an archeologist who stumbles onto the secret, his daughter's attempts to rescue him with Ace's help, a death ray The Dragon uses on the airline pilots, a radio system by which The Dragon communicates with his henchmen via the rotation of Buddhist prayer wheels (each transmission concluding "The Dragon commands!"), and a squadron of his own fighter planes.
