A cavalcade of English life from New Year's Eve 1899 until 1933 seen through the eyes of well-to-do Londoners Jane and Robert Marryot. Amongst events touching their family are the Boer War, the death of Queen Victoria, the sinking of the Titanic and the Great War.

In the carnival in Spain in the beginning of the Twentieth Century, the exiled republican Antonio Galvan comes from Paris masquerade to enjoy the party and visit his friend Capt. Don Pasqual 'Pasqualito' Costelar. However, he flirts with the mysterious Concha Perez and they schedule to meet each other later. When Antonio meets Pasqualito, his old friend discloses his frustrated relationship with the promiscuous Concha and her greedy mother and how his life was ruined by his obsession for the beautiful demimondaine. Pasqualito makes Antonio promise that he would not see Concha. However, when Antonio meets Concha, she seduces him and the long friendship between Antonio and Pasqualito is disrupted