Set just after the end of WWII (but filmed in the middle of it) in a time of general euphoria at having won the war, with full employment and general happiness for all (or nearly all). Peter, the young wastrel son of a hard working hotel owner doesn't like the idea of having to work for a living. He discovers a society of "White Elephants" who are quite willing to be poor as long as they don't have to work. They are protected and guided by Nina (Margaret Lockwood) and her precocious sister Heidi (Jean Simmons).

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