Though the movie is taken from a 10-year-old Broadway play, it is fairly typical for the type of movie they were watching in 1938. The rise of totalitarianism with its wars and rumors of war seems not to have entered the popular public discussion yet. When a movie has a serious theme or a serious aspect to its setting (see "My Man Godfrey"-1936) it is likely to be the depression.
This one wasn't too bad.