This golf story - the boys (Spanky, Alfalfa, Buckwheat, Porky and a chimp who makes weird noises) become caddies when the regular caddies quit suddenly - is funny on a two-fold front: how the kids play (what they use for clubs is a hoot), and how they torment the adult players.
The reactions of the adults are the funniest parts of this Our Gang short, in my opinion. It's interesting that the adult golfers ran the gamut from terrible to excellent. It didn't make a difference; the kids' antics made it impossible to play, anyway!
At least these older guys can laugh at themselves and the predicaments they get into with these lame-brain caddies. Sometimes, though, they don't laugh - which means the kids are doing something really funny.