Watched this last night, was one of a collection of films I bought on eBay. It's both of the Walton 400ft releases of the film, mounted on one 800ft spool. The first part is printed on fuji and is nice colour; the second part is (sadly) printed on Eastman SP and has warmed (but not too badly), it's just a real contrast with the first part of the film. Both are letterboxed. Still, not bad for £10!
I'd forgotten how funny the film was. The cut down has the introduction business with the coconut shells and discussion about sparrows; the meeting with the Black Knight, and the introduction of the Knights of the Round Table and God commanding King Arthur to seek out the Holy Grail.
The second 400ft deals mostly with the adventures of Sir Galahad at Castle Anthrax and Sir Lancelot at the wedding party. That's where it ends - it's almost as if there should have been another 400ft to finish the film off, but was never released before Walton went out of business.