This tale was written by the same Anne Parrish who wrote the Newbery Honor books The Dream Coach and The Story of Appleby Capple (which I haven't yet gotten to). It's a rather simple story for being so long. A family of dolls live a comfortable life in a toy shop, along with their cook, various furniture pieces and decorations, and "meals". The pick up bits and pieces of information from other toys and books in the shop. Eventually their house and its contents are packaged and put on a ship for a girl who lives abroad on a cocoa plantation with her family. However, the ship encounters a storm en route and the Doll family and house eventually wash ashore on a tropical island.
Mr. Doll, misunderstanding how islands work, dubs their new home Floating Island. Apart from Mr. and Mrs. Doll, the remainder of the house's occupants are separated, and the bulk of the story tells of their adventures in finding their way back to each other (and how Mr. and Mrs. Doll set up a new house in a coral cave, their own house being full of water).
It's a very simple story that would probably entertain children of a certain age, but generally speaking it's not very exciting or exceptional- none of the characters have very unique personalities which made most of them seem pretty unnecessary.