The Waif and the Wizard features the same young man who appeared in Undressing Extraordinary (and who might be early filmmaker Walter Booth). It's another early example of a two-shot film along the lines of Paul's earlier film Come Along Do!. The young man plays a magician who, after completing his act, agrees to go home with the young boy from the audience who helped him perform his tricks. At the boy's home he finds a sick sister and a worried mother being threatened with eviction by her landlord.

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