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Homeless Agnes and Pluffy are preparing to spend the night under a bridge in London's Hyde Park, ignoring regulations prohibiting anyone from being in the park between midnight and five a.m., when they are joined by Mr. Archer. The ambitious young man, whom they quickly dub Nibs, informs them that he has come to London to begin his political career. The older couple are making light of Nibs's aspirations when they hear a splash in the nearby river, and Nibs dives in to save a young woman attempting suicide. The threesome carry the nearly dead girl to a nearby tea house that has been closed for the winter and revive her. The girl, Ann, is at first ungrateful for her rescuers' efforts, but is more cheerful the next morning, and the band of outcasts decides to make the tea house their home. Nibs and Pluffy spend an exhausting day looking for work in depressed London, but are successful the next day when they are hired as coal yard workers. After their first day on the job, Nibs and Pluffy return home laden with food, and Pluffy brings Agnes a box of balloons so that she can sell them to rich children and give them to poor ones. The next day, Agnes and Pluffy set up the balloon business while Nibs and Ann listen to a political speaker. Nibs tires of the speaker's pessimistic theme and gives a rousing speech that impresses an important politician, Warren Radford, and his elegant daughter Sybil. Radford leaves after asking Nibs to speak at his next campaign meeting, and Nibs and Ann become engaged as they race back to tell Agnes and Pluffy the news. Several days later, at the meeting, Nibs speaks well, but the restless crowd riots nonetheless and Nibs is injured, after which he is taken to the Radford home. Ann finds out that Nibs is well and spends a lonely night without him. Agnes tells Ann, who is an American, that class distinction is very important in England, and Ann realizes that Nibs would have more chance for success if he were married to Sybil rather than to her. When Nibs returns the next day, after Radford has hired him as an assistant, Ann tells him that she does not love him. Nibs sadly accepts her statement, but asks her to pretend that they are still in love for the sake of Agnes and Pluffy when they have a celebratory dinner that night. The fancy dinner is strained but goes well, especially when Pluffy asks Agnes to marry him. Their gaiety passes quickly, however, when, after a fright from a passing policeman, Agnes' heart gives out and she lays dying in Pluffy's arms. She makes Ann and Nibs promise to love each other forever, and just before she dies, she has Pluffy float her balloons out the window to the children below. The grieving threesome are arrested for trespassing, but are reunited sixty days later in happiness when Pluffy is the best man at Nibs and Ann's wedding.