Tom Cat, as usual, chases Jerry Mouse. Meanwhile, in the basement, a wizard named Chip is making a magical potion. He uses his magic ring to make his potion, until he realizes that it fails.
Later, Tom ends up being thrown into the basement, and Chip orders him to guard his magic ring while he goes to Calcutta to milk a cow. Chip leaves for Calcutta, leaving Tom to guard the ring. Unbeknownst to Tom, an interested Jerry finds the ring and puts it on his head. Tom spots Jerry, and orders him to give back the ring, but to no avail. Soon, Jerry runs out of the house, and Tom frantically attempts to find him.