The title is a play on the C.S. Forester character, Captain (Horatio) Hornblower.
Pirate Yosemite Sam spots another ship and demands its surrender. All of the crewmen abandon ship after they exclaim in horror of "Pirate Sam", leaving only Bugs Bunny, a stowaway in a box full of carrots, who finds "Pirate Sam" does not sound very intimidating. Bugs then looks at the other ship. Sam demands surrender. Bugs refuses to give up (having "never hoid the woid" before) and a battle ensues ("So you'll have to try and take this ship!"). Sam gives one more warning when Bugs throws a lit match into the powder room. Sam rushes to get it and puts it out. He mentioned that if Bugs throws another match in to the room he is not going after it. To which Bugs throws another lit match down there. Sam stood there not going down just as he promised, but he decide to do it, much too late. Then the whole ship blows up and Sam lands on Bugs' ship. With his ship destroyed, Sam grabs the matchbox and does the same thing that Bugs did to him. Sam demand he go and get the match but Bugs refuse to get it. Panicking, Sam swims out of site. He didn't realize that it was the women's powder room. Bugs says "talcum powder doesn't explode". Immediately thereafter there is an explosion and Bugs flying up with the pieces of the ship, saying: "Eh-- I could be wrong, you know..."