Dinky Duck can't swim. So he goes to the owl, who gives him a 'sky hook' to stop him from sinking. It seems to work, until an alligator shows up and tries to eat him.
It's one of the movies produced for Terrytoons that shows some actual talent in the service of their main audience, which they viewed as neurotic children, or perhaps their even more neurotic parents. As I am an aging adult, and any children in my extended family are not neurotic to that extent, I was bored by the entire proceeding.
It's a frequent complaint I have of Terrytoons; if you wish to argue that I am not the intended audience, that's fine. Just be warned if you are an adult.