Oswald the Lucky Rabbit, a member of the Royal Canadian Mounted Police, goes in pursuit of Peg-Leg Pete.
Although still not a leading animation producer at this stage, Disney's technical form definitely showed improvements and by 1928, he was turning out some nice cartoons starring Oswald. Although the gags are fairly standard for animation in this period, Disney was careful in their layout and construction and there is a lovely bit of very full animation in the opening sequence.
Oswald is a key character in the history of animation because he was Disney's sole starring cartoon character at this point and, when he lost control of him and almost his entire staff to the rather underhanded dealings of Charles Mintz, would go on to basically revise him for Mickey Mouse -- take a look and you will see that Mickey, at the start was drawn almost identically with Oswald, except with 'globe' ears instead of long floppy rabbit ears like Oswald.
The copy shown in the Disney OSWALD DVD issued in 2007 is a fine print and further enhanced by a fine musical score provided by the wonderful Robert Israel and his orchestra. While not a great cartoon, it should not be missed by fans of animation.