As is fully explained in an afterword at the back of the book, the text is made up of the words to an old folk song with German origins.  The charming illustrations create characters and a setting which expand on the words of the song to round out the story:  that of two bears on a fishing trip, when the younger bear notices a hole in the bait bucket and pesters the older bear about what is to be done, but since the older bear is more absorbed in the fishing than the bothersome questions of her companion, the bait escapes before the problem is resolved.