Professor Miller and his daughter, Miranda, have come to a local village fair to show of her 'ability' to spin gold from straw. The two are arrested by Madam Inquisitor, as she has suspicions there is trickery afoot and they are brought before the King. The Inquisitor awaits the flogging order, but the King has taken notice of the lovely Miranda and instead invites her to accompany him to the Royal Variety Performance. This infuriates Madam Inquisitor, who has had her sights set on being Queen. She locks Miranda in the tower and orders her to spin gold so she can expose her as a cheat to the King.

Miranda gets assistance from the mysterious Manikin, who can perform magic, but he demands a present for helping out. The straw is spun into gold when the Inquisitor returns. However, she is not convinced and locks Miranda up in the vaults this time, with nothing but her clothes, spinning wheel and yet more straw. The local press decide that the Inquisitor is being unfair on poor Miranda and decide to petition for her release.

Will the hacks get Miranda released? And what is the ultimate present demanded by the Manikin? And will everyone live happily ever after? To quote from the show "this baby sure ain't no pantomime!"