A group of tourists is given a tour of a movie studio lot. They see the various permanent sets that are used for different types of movies, and they appear to watch the filming of several productions in progress. Musical numbers from several previous Warner Bros. Technicolor shorts are edited into this short to create the illusion.
Ollie Dee and Stannie Dum try to borrow money from their employer, the toymaker, to pay off the mortgage on Mother Peep's shoe and keep it and Little Bo Peep from the clutches of the evil Barnaby. When that fails, they trick Barnaby, enraging him.
Left only with their yacht after going broke in the Great Depression, a high-society family sets sail for the South Seas. Screwball comedy, with songs.