One thing you can say about the Disney shorts from the 1930s is that they were artistically the best cartoons available. So, even if the plots were occasionally limp (especially with their all-singing cartoons), the art work is still very, very impressive. "Toby Tortoise Returns" is beautifully animated. The colors are very vibrant and the backgrounds lovely.
The story picks up after the story of "The Tortoise and the Hare" (also a prior Disney cartoon). The same characters are now involved in a boxing match. Toby is fighting against 'Max Hare' (a play on the name of the champion Max Baer). And, while Max cheats and the odds are clearly against Toby, the ending is pretty much what you'd expect. As for the rest, the cartoon is only fair but I did enjoy seeing it for all the Disney character cameos--such as the industrious pig from "The Three Little Pigs", Donald and Goofy. There also are characters that are caricatures of Mae West and Harpo Marx. The cartoon is more interesting than funny but is still worth your time.