Ernie and Bert are pirates, looking for treasure on the open sea. They come to an island, where a monkey steals their map, and they have to swap Bert's clothes to get it back. They find a happy face, and dig up a treasure chest full of socks, which Bert finds exciting, but Ernie doesn't. Their lifeboat has floated away from the shore, so they use the treasure chest as a floating device and the socks as sails.