A bubble making toy includes a propeller to cause liquid from an outlet port to spread across the space formed in a ring downstream of the propeller. The air generated by the propeller rotates under the action of a fan upstream of the propeller, and causes the ejection of air bubbles from the toy. The bubbles are formed by liquid which is pumped from a reservoir to a dispensing port above the circumferential ring. There is a second reservoir connected to an outlet and operable by finger action to effect the ejection of fluid such as water from a second orifice from the toy. The freely rotating propeller is mounted in the air path from the housing to the outlet for the bubbles and assists in spreading liquid across the space defined by the circumferential ring onto which liquid flows from the outlet port.