Speedy's adversary in this short is Sylvester, which makes a great deal of sense, given that he's a cat and Speedy's a mouse. The basic plot is even quite reasonable, which isn't always the case with Speedy cartoons. I want to discuss some details from this short in my comments, so this is a spoiler warning:
The short opens with the mice of a Mexican village lamenting a cheese famine and has some fairly nice (and in one instance, rather morbid) bits regarding their inability to get cheese. The a mouse begins to smell cheese and thinks he's dreaming. They slowly realize that a ship has come into port with a cargo of cheese. They rush to the boat enthusiastically, only to run from it in terror only a fews moments later. It seems that Sylvester is guarding the cheese.
Someone suggests calling on Speedy for help, because Speedy likes his sister. Another mouse makes it clear that Speedy's not the only one who likes his sister! Speedy comes into the picture and begins to take cheese from the ship while Sylvester tries diligently (and in vain) to stop him. Among the gags are Sylvester winding up trapped in a storage room filled with Limburger cheese, Sylvester trapping Speedy with a net only to wind up having Speedy drag him around the ship, Sylvester trying to lure Speedy closer with cheese, only to hit himself with a mallet (Sylvester's reaction to this is a marvelous bit of character animation), Speedy running through a pipe into Sylvester's mouth and running through (and out) Sylvester's tail (a gag they used in more than one Speedy versus Sylvester short) and a gag with an early setup and delayed punch-line involving a guillotine.
Sylvester finally throws in the towel, puts on some mouse ears and joins in on the impromptu fiesta the mice have thrown together. This short is available on the Looney Tunes Golden Collection, Volume 4 and is well worth watching. Recommended.