A chemist and his assistant make a groundbreaking discovery. They manage to make butter directly from pasture grass without having to deal with either the cow or the use of dairy products. An industrialist attempts to seize the invention.

Circus performer Tonio Tonelli discovers his wife Maja having an affair with his colleague Tino. Tonio goes away, and slowly rebuilds his career before meeting tightrope walker Nelly. The two become a popular sensation, which leads his estranged wife to try and force him back into a partnership with her through blackmail. When she is found dead, Tonio is the obvious suspect for her murder.