Ham and Ex read in the newspaper that their uncle Beans is going to hunt for a haunted treasure ship in the North. They stow away in his plane and fly over New York, Russia and Iceland before he spies the ship frozen in the ice. Beans lands the plane next to the ship, and his nephews pop out ant scare him. Beans is slapped around by the ship's planks, sails, anchor and lantern. Meanwhile, Ham and Ex discover a skeleton in a lifeboat. They hide under a sheet and scare another skeleton that thinks they're a ghost. More parts of the haunted ship slap them around, knocking them into Beans. Beans ends up under their sheet, and now Ham and Ex think he is a ghost so they beat him with sticks. They all go into the next room and discover the treasure, as well as a couple of frozen pirates. Beans builds a fire, then begins to throw bags of treasure out into his plane. The pirates thaw and come back to life, then chase Beans and his nephews around the ship. Ham and Ex fall off the ship, but into the plane, and they start the engine and take off. One of the pirates throws a powder keg at Beans; he misses, but the keg explodes, blasting Beans high in the air. Ham and Ex steer the plane under him and catch him, and they all fly away.
Nickelodeon omitted the shot of Russia as seen from Beans' plane.
This is the first cartoon to use the zooming WB Shield. This cartoon is also the first to use the text, "VITAPHONE Presents". This text would be used until "Daffy Duck and the Dinosaur" released in 1939.