Last night we watched a 1937 version of Silver Blaze (Murder at Baskevilles), Arthur Wontner played Holmes and Ian Fleming (who was born in Melbourne Australia) played Watson.
Made in England in the 1930s it has some of the issues that you see in earlier "talkies", some of the acting seems a little staged and the diction a little too over blown. I didn't mind Arthur Wontner as Holmes, he certainly fitted the description, but I really liked Fleming as Watson.
It followed the story for the most part, but certainly embellished it, as is often the case with movies made during this period. Would recommend only to those Holmes fans that like to see everything Holmes, or those that can just enjoy it as a movie.
http://www.imdb.com/title/tt0029565/?ref_=nm_flmg_act_156