The Marchioness of Shayne is giving a dance at her London house. When the guests break off for dinner, a young engaged couple are left alone, except for the pianist Vincent. The girl (Dolly) doesn't seem to be particularly convinced of their future happiness. They discuss their sp[irited elderly hostess, whom Dolly really admires and a row ensues, which ends with her fiance leaving.
Seeing Dolly alone, Vincent declares his hopeless love for her. As he takes her in his arms, Lady Shayne enters. When the situation is explained to her, she asks Dolly what she intends to do and is exasperated when Dolly doesn't know. As the rest of the guests return, she lectures them on their superficiality. It was not always so. As she speaks, the lights dim and her voice grows younger.
We now find the young Lady Shayne - Sarah Millick - in 1875 as a girl of sixteen, rehearsing for her music teacher, Carl Linden. As the scene progresses, it is clear that he is in love with her. He tells her that he cannot play at her forthcoming wedding; he must go away. Her fiancé, Hugh, enters with her mother, putting an end to the singing lesson. Carl says his goodbyes and leaves. Sarah falls weeping into her mother's arms, much to her fiancé's puzzlement.
Mrs. Millick is giving a ball in which Carl is conducting the orchestra. Evelyone notices that Sarah is behaving strangely, almost hysterically - much to Hugh's irritation. When the rest of the guests have gone, Sarah and her girl friends begin to play childish games. In Blind Man's Buff, with Sarah as "it," she bumps into the departing Car!. Unable to restrain himself, he kisses her. When she realises what has happened, she admits her own love for him. With the connivance of the other girls, the two lovers steal away into the night.
We are now in Schlick's cafe in Vienna five years later. Carl is in charge of the café orchestra and Sari (as she is now called) is a dance hostess. They receive a visit from Captain Lutte, who complains to the proprietor, Herr Schlick, that Sari is offhand with him. If Schlick values his custom and that of his men, he will order the girl to dine privately with him that evening. Hearing of this, Sari begs Carl to leave the cafe. Something bad is about to happen, she knows. He persuades her that they must stay just a little longer. Soon they will have the money to open their own little café.
That evening the café is crowded. Lutte and his men are drinking heavily. Inevitably, the Captain asks Sari to dance and she refuses. Lutte complains to Schlick, who reminds Sari that she is engaged as a dancing partner. She must dance with whoever asks her or be fired. Later, when Lutte claims his dance, he becomes increasingly amorous. Carl, who has been watching all this from the stage, leaps down and strikes the Captain. There is a duel in which Carl is mortally wounded. He dies in Sari's arms.
Fifteen years have passed. The elderly Lord Shayne is giving a party in London. The guests include Sarah's young girl friends, now respected society matrons. All of them are agog to meet the famous European singer, Sari Linden, Lord Shayne's special guest. Sari enters and is immediately recognised as Sarah, whom they all supposed to be dead. As the evening ends, Lord Shayne proposes to her - not, it seems, for the first time. This time she promises to think it over.
As Sari/Sarah entertalins the guests with the song that she and Carl shared ("I'll See You Again"), the lights fade once more.
We are now back in the first scene with Sari (Lady Shayne) as an old woman. Convinced by what she has heard, Dolly goes off with Vincent, just as the young Sarah did. Left alone with her memories, Sari sings:
Though my world has gone awry, Though the end is drawing nigh, I shall love you till I die, Goodbye! (Courtesy of Barry Day 'Coward on Film')