I saw this as a Special Feature on the 1934 "Treasure Island" DVD, and was captivated by the charming story. Bookended between the live action opening and closing shots of a hand opening and closing a storybook book--a common devise for these cartoons, and with no dialogue--simply a delightful score by Scott Bradley based on Richard Strauss's classic--the film portrays a fawn and satyr gambolling and skylarking in the woods, and is filled with humor, drama, excitement, and brought tears to my eyes.
It's really a wonderful example of the disappearing art of animated film making that has been taken over by computer effects. The opening shot of the fawn drinking from the pond in reflection, with the falling leaves and butterflies was breathtaking, and there were other scenes that likewise remained in my memory and have brought smiles to my face in idle retrospect.
"Treasure Island" was cool, the best version of the story ever made, but this short animated special alone was worth the price of the purchase.