Pink elephants are commonly used to show a person suffering from the effects of too much alcohol. They were also seen in Dumbo (1941).
At the time of this short, the Dodgers were still playing in Brooklyn, which explains the narrator mentioning them along with the Yankees as the ship sails into New York harbor.
Bobo would later appear as a baseball mascot in Gone Batty (1954), which was also directed by Robert McKimson.
Includes an appearance by Minah the mynah bird, who played a major role in all the (now banned) "Inki" shorts. He usually had a blank, emotionless face and personality, and always walked and hopped slowly to the tune of Mendelssohn's "The Hebrides."