For a few months in 1933, Paul Terry's studio flirted with some reasonably adult standards, including mildly off-color jokes. Then Terry change his mind -- perhaps it was a real desire to produce something fit for children, perhaps the exhibitors complained or perhaps the more adult cartoons simply did not make money. In any event, the experiment did not go on long and Terry went back to making cartoons fit for children and little else for the next quarter century.
There are some good points to this one, including some startlingly high-contrast work; some good gags, like the melodramatic villain traveling by roller skate; and some adult and off-color gags, like the skimpily dressed heroine being named Fanny. When doused in chilly water, the hero announces "My Fanny's cold!" Maybe the staff was bored of kiddy stuff and Terry was on vacation when this one was made and the boss was far too frugal to let this wallow in theevault.