It is a great clip. One of my favorites of Walt. Thanks for posting it.
FYI...it was actually filmed in color (though it may have aired only in Black & White). I have a color copy of it somewhere on videotape.
It's really great to see it in full video and in color because it was a really beautiful print and there's lots of detail you can't make out in the YouTube version. Like all the colors of the tickets and such.
Since this scene was shot at the Disney Studios on Walt's office set, it is possible that Walt's own studio people shot the film using the same film stock being used for The Wonderful World of Color intros with Walt. I got my color copy from someone at Disney.
Also, this episode featured a take-off on Mary Poppins...as an Italian "spaghetti" version with Elke Sommers as Mary, Bob Hope as a chauffeur, and Jack Benny as Mr. Banks (natch!).
This 1965 episode of the Jack Benny show is available on the official DVD of the series, but it's in Black & White too.
If I ever some across my color version...I'll rip it and post it.