The London of 70 years ago is very different to the bustling, uber-capitalist cityscape it is today. Or at least, that’s the first thing you’ll glean when watching A Kid for Two Farthings, Carol Reed‘s 1955 comedy newly refurbished for home StudioCanal’s Vintage Classics label.

Fairly loose when it comes to narrative, the film charts the ongoing tribulations of a small community of blue-collar workers operating in the post-war East End. Director Reed flits from Sam (Joe Robinson), a would-be bodybuilder desperate to earn enough money to pay for his fiancées Engagement Ring, to Mr. Kandinsky (David Kossoff), a wizened old tailor whose avuncular advice holds the community together.

But it’s the eponymous unicorn – actually an oddly one-horned kid – that provides the emotional crux in A Kid for Two Farthings. Adopted off the street by worldly adolescent Joe (Jonathan Ashmore), the 96-minute runtime cutely explores the ramifications of the unicorn’s supposed wish-granting powers. Whether it’s finding a new steam press for Mr. Kandinsky or sorting an engagement ring for Sonia (Diana Dors), it’s all told with a tangible sense of childhood whimsy.

What’s most impressive is how Reed’s direction, coupled with a tight screenplay from Wolf Mankowitz, manages to weave together these initially disparate characters and their lives with ease. The camera floats from one situation to another seamlessly, giving an otherworldly atmosphere to what is ostensibly a run-down pseudo-shanty in the midst of Britain’s economic downturn.

Given the film’s age, it operates as a fascinating time capsule of a London that no longer exists. The city was just as bustling then as it is now, but in an entirely different way: the screen is almost always packed with punters roaming marketplaces, lugging around goods or nattering cacophonously in the background. It all looks gorgeous in full colour as well, made even better by an undeniably impressive restoration for this release.

That said, the audio cleanup isn’t quite as staggering, especially during the film’s opening act. Some dialogue remains muddy and hard to decipher, alongside a soundtrack that ends up sounding quite tinny on modern sound systems. In some ways it adds to the authenticity, but in others it pails in comparison to the swanky visuals.

None of that detracts from the whimsy of seeing A Kid for Two Farthings for the first time. It feels like a British predecessor to Nashville in how seamlessly it melds together and balances so many intriguing characters. You’re so invested that by the time emotional bits rock around, which they do sparingly but powerfully, it’s hard not to sway with the sentiment.

As a time capsule for post-war British cinema, A Kid for Two Farthings is an ideal starting point. It’s very well directed and totally engaging, with just the right level of tenderness to boot. While London may be very different now, the stories told here are the kind that still manage to resonate, seven decades on.

★★★½

A Kid for Two Farthings releases on Blu-Ray, DVD, and Digital on February 26.