A cowardly actor and a runaway princess are voyaging on a ship that is captured by a notorious pirate who recently buried his treasure on a secretly mapped island.

Princess Margaret is travelling incognito to elope with her true love instead of marrying the man her father has betrothed her to. On the high seas, her ship is attacked by pirates who know her identity and plan to kidnap her and hold her for a king's ransom. Little do the cutthroats know that she will be rescued by that unlikeliest of knights errant, Sylvester the Great, who will lead them on a merry, and madcap, chase.—Alfred Jingle