Do you recognize this story?

My dad had this book, that was a childhood book of his own.
He read it to me when I was a little kid.
His copy of the book is long lost, certainly not in his stuff when he passed away, and probably not even in print anymore.
But I was feeling nostalgic and wondered if it might still be out there in some library or something.
There is this kid, named Pete.
He gets shrunken down to a tiny size.
They invent this little compartment that is so small he can sit in it.
They strap the compartment on an albatross’s back.
The albatross can talk.
Pete and the albatross fly to some foreign land to steal secrets from a dictator who wants to rule the world, or something like that.

What do you think? Sound familiar? Thanks.