One early morning in front of a kennel, the master does a roll call for his dogs (including Droopy) and then offers a steak as a reward for catching a fox. As soon as the master fires his gun, the dogs run off but Droopy walks slowly saying "You know what? Haste makes waste." The fox the dogs are after is a gentleman-like fox named Reginald.
There are a series of attempts to catching Reginald which not only end in failure for the dogs but also lead to all but Droopy getting injured:
- A dog tries to ensnare Reginald but the fox turns the tables on him. Droopy comes in and asks the fox to get in his sack. Reginald cleverly switches the empty sack with the one that has the dog inside. Droopy sings that he has the fox. When he shows another dog the sack, that dog switches it and heads to the kennel master's home. When the dog sees the bag squirming, he hits it with a shovel. The lump on the dog's head reveals the other dog took the sack with him in it. Since neither the small or big bones are the ones he hit the other dog with, he shows him the shovel he hit him with and gets hit back.
- Four dogs come after Reginald. Seeing this, the fox tosses four bricks up in the air which knock out three dogs. Just when the fourth one manages to reach the master's house with Reginald inside, a brick lands on him knocking him out and Reginald escapes.
- Reginald runs into a hollow log with a dog pursuing him. Reginald puts on a white log so as to make it look like the dog's hand is sticking out on the other side. Knowing that hand is a trick, the dog pulls out a gun and shoots it but finds out he shot his own hand. He then chases Reginald through an empty stump. Unknown to him, Reginald is hiding behind him. When the dog catches on to Reginald's trick, he heads for the master's house quickly to show he caught Reginald but the fox is gone. When the dog leaves, the master rubs his head, not knowing Reginald's behind him.
- Droopy and the dogs pursue Reginald who runs into a cave. One dog hands Droopy a dynamite stick to give to Reginald who cleverly places it inside an empty bone and gives it to Droopy. The dogs squabble over the bone with one dog managing to put it in his mouth. When Droopy asks which dog has his bone, they all deny it until the fourth dog's mouth explodes meaning he had the bone the whole time.
- Four dogs place a large dynamite stick inside the cave to blow up Reginald. Reginald shoves it back to the dogs which blows up on them.
Droopy knocks on Reginald's door asking if he can catch him. Reginald refuses until Droopy mentions that he'll never get a steak. Reginald helps him by calling the other foxes and Droopy heads to the master's house with all of them.
The now injured dogs are limping with casts and bandages. Suddenly, they hear laughter and notice Droopy and the foxes celebrating where they sing "For He's a Jolly Good Fellow". As the short ends, Droopy says "You know what? I'm jolly. Pip pip."