Water-Rat was very proud of his boat. "She's the tightest, trimmest little craft on the river," he boasted. Of course, he wastes no time in inviting little Grey Rabbit and Squirrel out for a river-picnic, but there's no room for poor Hare on his boat! But Hare cannot miss the opportunity for a feast, and decides to run along the bank as the others glide in the boat.

And so, as little Grey Rabbit steers, and Squirrel twirls her sunshade in the bows, the river trip begins. The water-hens are charming, but the ducks are rough and mischievous and nearly bring the picnic to an end. Water-Rat saves the day by diving for the picnic, and Hare soon catches up to partake in the fare. Unfortunately, Hare's curiosity lures him to Rat's boat, and lands him in the water! This time, though, the naughty ducks redeem themselves by hauling him out.