In his master's eyes, "good old Shep" is the perfect dog, but the cat knows he's really a two-faced mutt who can be bought off with a bone by a burglar, and then take credit for it when the cat chases the crook off. But then Shep becomes obsessed with a newspaper story proclaiming a real canine hero the nation's "No. 1 Dog." He wakes up and travels a long distance to the hero's house, with the cat right behind him. Before Shep can attack the terrier, the cat pulls out a giant club and knocks him into the water. The terrier rescues Shep, who quickly scoops the terrier up in his mouth, claiming that he drowned. Shep is celebrated, much to the anger of the cat.
According to the DVD commentary, this cartoon was originally called "For He's A Jolly Good Fala", about a dog who tries to kidnap President Franklin Delano Roosevelt's dog. However, President Roosevelt died at the time the cartoon was made, so all the references that the dog belonged to the former President were changed to the dog being a national hero.
When Shep's master places his steak for dinner, he says it was "140 points to get that roast, but it was worth it." (Note: the "points" refer to food rationing points from World War II back when the cartoon was created).
As Shep's owner leaves for his job (before Shep assists a burglar in robbing the house), he says goodbye to him "I have to build some battleships for Uncle Sammy."
These lines of dialogue were very likely to come from its original circa-1945 (pre-)release print as it was produced during World War II, and it was unknown when those two lines of dialogue were deleted, either before its original theatrical release or its Blue Ribbon reissue as the cartoon was originally released in theaters when World War II had ended. When this cartoon was sold to a.a.p. for television distribution, both Blue Ribbon reissue print soundtracks of this cartoon containing with and without the wartime references were included in the package of pre-1948 Looney Tunes shorts and have been stored separately in the vaults of a.a.p. and its successor companies, hence explaining how these two additional lines of dialogue could've possibly turned up in the cartoon's Turner "dubbed version".
The a.a.p. print seen on Laserdisc and pre-1995 TV airings appears to have very badly faded colors with extremely horrible color corrections (perhaps worse than other a.a.p. prints, with a color palette that looks very worn-out and decaying) due to the print sourced from a 16mm "dupe" negative which was in a very poor condition, considering that a.a.p. and its successor companies never had access to the original negatives of the pre-1948 cartoons which were stored in the WB vaults at the time (evidence in here: https://vk.com/search?c%5Bq%5D=fresh%20airedale&c%5Bsection%5D=auto&z=video-32259070_161801245). Like it's future restored DVD print, the a.a.p. print of this cartoon does not have any additional WWII-related dialogue as heard in the cartoon's Turner "dubbed version" (see the previous note above for more details).