While the snowy setting - the north pole - offers a great excuse to have a completely white background (as it is in most of the cartoon), the opening shots in this actually have really nice backgrounds and designs.
The character work is not that impressive though, with the exception of some of the polar bear animations (like the running animation, which is nice and fluid). I do not know how this compares to other animated films of the era, so I might be over- or under-appreciating this.
The plot, like in all of these, is quite simple: Kapten Grogg and his helper encounter a polar bear while on a trip to the North Pole. It chases them, they feed it alcohol so that it gets drunk, then they all dance. Yeah.