The Spirit ushers Scrooge away to another winter scene.
It is Christmas once more and Scrooge is standing outside the warehouse where once he was an apprentice. They go inside and Scrooge is delighted to find his former boss - Mr Fezziwig.
Mr Fezziwig is instructing a young Scrooge and his fellow apprentice, Dick, to ready the premises for their annual Christmas party.
The scene fills as in come a fiddler, Mrs Fezziwig, all the other Fezziwigs and the employees.
They enjoy music and dancing and when finally the joyous evening comes to a close Scrooge is forced to reflect on his own behaviour as an employer.
The scene shifts again and this time Scrooge finds himself witness to a scene between himself as a young man and a young woman who is clearly his fiancée. However, through the course of the conversation it becomes clear that the young lady has detected that young Scrooge's heart has become concerned with little else than gain. Full of regret, she releases Scrooge from their bond, sensing that this is what he wishes.
The watching Scrooge fills with pain at the memory. But the Spirit has one final Christmas scene to show: Scrooge's former fiancée now older and happily settled with a loving family. The pain is so great for Scrooge that he demands to be taken away; he struggles with the ghost, finally snuffing out its light, whereupon Scrooge falls into bed and sinks into a deep sleep once again.