It's the first day of the summer holidays and Peter and Mollie are dying to go on more adventures with their Wishing-Chair. Peter inadvertently asks to go to the land of "Goodness-Knows-Where", but in the process of going there the Wishing-Chair is stolen. They eventually get it back and a few days later, the Wishing-Chair only grows three wings. They end up in the Land of Slipperies and when Peter offends one of them, they retaliate by chopping all the chair's wings off, so they get some ointment which grows the wings back. On the next rainy day, they inadvertedly grow wings on their toys and...