I am a huge Sherlock Holmes fan. I've read all the stories and up until the Jeremy Brett series was created, I always felt that those who created the Holmes films had a lot of contempt for the original material. The modern image of is simply NOT the Holmes created by Conan Doyle. While this film starring Arthur Wontner did have Holmes uttering the "elementary" phrase again and again and that pipe was also present, this was about as close to the Conan Doyle you could find until the 1980s. Most casual viewers don't realize that up until Granada Television made the films with Brett, the Sherlock Holmes being portrayed in films was more an imitation of William Gillette than Holmes. Gillette had made a career of playing Holmes on stage and in silent films and he liberally changed the character to make it his own--not Conan Doyle's.
While far from perfect, this low budget Sherlock Holmes film at least tried more than most subsequent films--being much closer to the source material than the Basil Rathbone films or even the later Wontner films (SILVER BLAZE was a bit of a mess). I especially like how that accursed deerstalker hat (with the double bill) isn't worn by Holmes like it was in most other films (but not in most of the original stories) and how Lestrade and Moriarty aren't present (they were only in a small number or stories). Those who read SIGN OF THE FOUR would recognize the original story--the same can't be said of Wontner's SILVER BLAZE.
The only serious negative about the film is its quality due to the ravages of time. Being in the public domain, it has been copied and re-copied again and again and by now it's a bit of a struggle to watch and the print is a tad fuzzy. However, being slightly hard of hearing and an American, I was STILL able to follow it reasonably well, so it's likely the film will be very watchable for you.