Well, there's a waterfall and eventually a woman fades in by double exposure, but she's not nude. She's wearing a long nightgown. Then there's another waterfall and another woman, but she's still wearing a nightgown. Then there's a third waterfall, and a third woman lying in it, and she appears to be nude. At least you can see her breasts.Mr. Friese-Greene was the son of William Friese-Greene, one of the claimants of the title of "Inventor of the movie camera". The father never got any useful credit, although eventually a movie was made about him. The son shot artistic movies for Charles Urban and this is one of them, I guess.