A reporting is talking to a man that discovered an ancient ship that they raised from the sea bed and are planning on using the gold on board to pay for a world's fair. They hear someone on board the ship say it's haunted and he jumps overboard and they see the ghost.
Secret Squirrel and Morocco Mole are called in to get rid of the ghost and they board the ship. Secret doesn't believe the ghost is real and Morocco does. Morocco finds the ghost and points it out to Secret who clubs the ghost and find out that it's someone acting like a ghost and that someone is no other than Yellow Pinkie. Pinkie attempts to get away with the gold in his submarine, but Secret and Morocco follow in their own sub and force Pinkie to surrender.
The world's fair takes place and the main attraction is the Captain Kidd display with Yellow Pinkie doing the part (reluctantly) of Captain Kidd.