Those were the day...exciting...romantic...wonderful days!

Around the turn of the century, in England, alcoholic Uncle Willie is the bane of his family, of which his brother-in-law is the family spokesman. It is decided to let Uncle Willie buy a bicycle shop in order to impress Virginia van Stuyden, an American heiress in love with Frank. This pleases Uncle Willie's young nephew, Charles. Complications arise when stuffy lord, Sir George Probus, at whose home Virginia is staying, becomes shocked when she attends a carnival.