That's the song that Olive Oyl sings to herself as she packs up to move apartments. Popeye comes over to help her, but she has already hired a moving man, big, muscular Bluto. Popeye thinks he's quite capable, and so gets into a competition with Bluto over who can carry the bigger load down five flights of stairs.
Popeye had adapted to the Production Code better than the Fleischers' previous star, Betty Boop, since it was much better to see aggressive men beat each other to pulp than to see a woman's leg. Besides the now-inevitable fight, you got an original song and a long series of cartoon gags.