I saw a movie back in the 60's it was a fantasy about an old witch
that adopted a boy named George. When he came of age she gave him
gifts including a troop of knights and armour of his own. At the end
of the film he had to fight a dragon to save the maiden and at the
same time his mother had to slay the evil wizard who controlled the
dragon by use of a ruby ring.

Hello.

The movie was "The Magic Sword" (1962).

See this description at the internet movie database:

"A boy named George, who was raised by Sybil, a slightly incompetent
sorceress, who is smitted with the Princess wants to rescue her but
Sybil whose family had battles with Lodac and lost refuses to let him
go. But he uses the magic sword that she intends to give him to detain
her while he goes to save the Princess. So he and six knights that
Sybil created to be his allies go to the king..."
http://www.imdb.com/title/tt0056211/plotsummary

VHS at Amazon.com:
http://www.amazon.com/exec/obidos/tg/detail/-/630550640X/

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search strategy:
imdb.com, plot: dragon

Thanks!

very quick and to the point. will use this service again and I will be
happy to recommend it to my friends.