If what you are looking for is a book of overly-stereotypical fairy tales involving florid prose, impossibly eloquent children, simplistic moral messages and occasional digressions into the philosophy of time and wishes, then this is the book for you. Otherwise I'd suggest saving your time and reading something more accessible.
Stories included are:
The Fairy Godmothers: Five fairy godmothers get together for a philosophical discussion of the merits and problems of various fairy-gifts they can bestow upon the newborn. Unable to conclude anything useful from their debate, the fairies decide to experiment on their godchildren to see what gift brings the most happiness to humans.
Joachim the Mimic: Joachim finds a Genie on the beach and wishes to be able to imitate everything that is good in the world. The Genie says that the best he can do is give Joachim the power of imitation, and Joachim must learn for himself what is good and what is not.
Darkness and Light: A family with a sea-castle and fairy ancestry also has a son who is scared of the dark. Although his parents wish that their fairy relative would help their son get over his fear, the son is blinded by a stray piece of sand and must learn to live entirely in the dark.
The Love of God: I didn't read this one because I'd had all I could stand of the writing style and clever, philosophical children. (I may have cried "for the love of God! do not make me read another one!" upon seeing it.)