This is a one shot cartoon from Famous Studios: There will be spoilers ahead:
Famous Studios had a very uneven body of work. A lot of their output was formulaic, particularly in the late 1950s. But their 1940s shorts were quite often pretty decent and some of them were quite good. This is one of the more successful ones.
Two children named Billy and Isabelle are fishing and catch a talking fish named Red Lantern, who offers to take them to the Land of the Lost, where everything which is lost goes. The trio swim down and enter the Land of the Lost, where Red Lantern takes them to see Billy's jackknife, who is putting his case for joining the Knives of the Square Table. He's rejected, even after Princess Butterknife pleads for him to be accepted.
Enter the villain, Dirty Dirk, who kidnaps the princess. The knives and their king chase after Dirk, with Jack following after. A short chase ensues, with Dirk temporarily stopping all the knives but Jack, who reaches his hideout first. Jack is shoved aside by the other knives, which blunt themselves on the hideout's lock. Jack uses one of his extra tools to take off the lock, get in, beat Dirk and save Princess Butterknife.
Jack is admitted to the company of the Square Table, knighted by the king and gets the girl. Red Lantern returns Billy and Isabelle to the surface and their boat and all ends happily.
This short is available on DVD and is worth getting. Recommended.
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