Michael O'Malley (Needs), rushes to his priest to tearfully inform him that he has accidentally killed his closest friend, Rachel Mathias (Parry). The story is told in flashback as Michael recounts their friendship, when he first befriended Rachel by hurrying her away from a group of schoolboys who were verbally bullying her on the playground. They quickly become the best of friends. The young children decide to become "blood brothers" by pricking their fingers and rubbing the blood together. They set off for an adventure, hoping to go to London to visit the queen, but instead are picked up by a kindly elderly lady (Sybil Thorndike) who takes them to her home for tea, pretending that she is a princess and that her mansion is one of the queen's homes, but that the queen is currently away. Her amiable deception goes over perfectly, and the children have a great time visiting with her.