Work started on the British-German co-production Moulin Rouge in the summer of 1927. It was premiered as a silent film in March 1928, and re-released in 1929 in an abridged form and with a soundtrack of music composed by John Reynders. This version was prepared in the United States of America and it seems likely that new intertitles were written for it.
Though the National Film and Television Archive has long held material for the sound version, the original British silent version was missing. In 1990, the NFTVA asked colleagues in the FIAF if they held any materials, the Danske Filmnuseum (Copenhagen) and the Cinemateca Brasileira (São Paulo) held full-length nitrate prints. Comparison of these prints with other materials and information suggested that the Danish version was closest to the original British release.
What you are about to see is a print made from the Danish version, with a translation of the intertitles by Jytte Jensen and Clyde Jeavons.

“Olga Tschechowa (Olga von Knipper-Dölling, 1897-1980). Another grand lady of the German screen, with a peaceful beauty and an innate nobility. Born in Russia, she went to Germany after the difficult period of the revolution and her divorce from actor Michael Cechov, the famous playwright’s nephew.
Tschechowa had already had some acting experience in Russia: Starevic directed her in Cagliostro (1918) and she also appeared in an thriller about Arsen Lupin. In Berlin Murnau offered her a rather interesting role in Schloss Vogelöd (1921). Soon after that she acted in the anti-Bolshevik film Der Todesreigen (1922) and was the heroine in Nora (1923, directed by Berthold Viertel, from Ibsen’s  Doll House).
Throughout the twenties and in the thirties, Tschechowa worked intensely in films of all kinds, without ever saying no to any role, in important productions as well as in modest little films, in Germany and abroad; worth mentioning were her appearances in Clair’s Chapeau de paille d’Italie (1927), in Galeen’s After the Verdict (1928), shot in Great Britain, and in Moulin Rouge (1928), directed by Dupont where she was the exciting and splendid leading actress.
Her language proficiency enabled her to act also in the French version of German films in the early years of sound; she worked with directors of the like of Ophüls, Lamprecht, Wiene, Forst, Jutzi, Hochbaum, and also with many Italian filmmakers like Gallone, Righelli and Malasomma, who were active also in Germany.
Whenever a certain type of lady was needed, who had to be beautiful, elegant and slightly motherly, Tschechowa was surely called up on the set to add her charm to dramas or comedies.
In the early fifties, when her cinema career started to wane, Tschechowa opened a cosmetic firm in Munich, which soon had international success, with branches all over Europe and the United States. And today, beyond the glamour transpiring every time one of her one hundred and thirty films are screened, Olga Tschechowa’s name cannot but be associated with a magic whiff of fragrance”. (Vittorio Martinelli)