Olive has a treasure map and it doesn't take much to convince Popeye to sail there and go look for the loot. Actually, she says she already owns the little island and the rights to anything found are hers. Bluto, naturally, butts in. He comes from out of nowhere in his little speed boat, photographs the map and then races to the island, slightly ahead of Popeye and Olive.
From that point, its another race to see who can find the treasure. Sight gags are the main thing here, as nuggets and gold bars are found and quickly turned into coins and bags of money with just one slug from the ax of Popeye. Just grabbing the gold turns it into gold. You have to really stretch your imagination in this one, but it's a cartoon so who cares if it doesn't make sense? These are three very greedy people who can't love this money any more than they do here, but the fun is watching them fight over it.
Yes, it's a bit dated but it was still entertaining. Most Popeye fans should enjoy it to some degree.