The outskirts of New York: Cedrik Errol, 8 years old, lives in miserable conditions with his widowed mother. Refined features, charming demeanour, and always neatly dressed, he earns the nickname “The Little Lord.” One day a lawyer comes saying he is the grandson (and only heir) of Lord Fauntleroy. Cedric travels to England and quickly gets friendly with the grumpy old gentleman.

Kovács, chief cashier, is celebrating the 30th anniversary of his school-leaving exams at the grammar-school. He takes his friends to a night-club.

On the plains of Hungary, Franz, a Hussard lieutenant, broods about his future; Born into an aristocratic family, his father drank away the family fortune and marriage seems an unlikely prospect. Impoverished Franz's love for effervescent and upright country girl Marika coincides with the tragic tale of lovelorn violinist Josef, all but ignored by royal beauty Camilla.