The events of Part 5 take place on May 12, 1865, in Dunedin. It opens with Anna and Crosbie living with Lydia at her boarding house. Anna feels guilty about sleeping with Crosbie without realizing he was Lydia’s husband. Lydia spends most of her time running the gambling parlor while Crosbie drinks. Anna realizes that Lydia tricked her with the story about “Elizbeth Mackay,” but she continues to stay with Lydia and tends bar at the gambling parlor. On May 12, Lydia is holding a party for naval officers and sailors. The captain of the Godspeed, Captain Raxworthy, is expected to be in attendance.

At breakfast, Crosbie and Lydia argue because Lydia burned the day’s newspaper before Crosbie read it. Crosbie wants the key to the safe to check on his gold, but Lydia refuses to hand it over. Crosbie yanks the key from a chain around her neck. When he opens the safe, he sees that it is empty of the gold, his birth certificate, and a letter from his father. Lydia says she will return his items the next day.