It's a great scene in part, at least, because it's such a spot on parody of classic movie musicals.
BTW: please forgive the correction (it's so snotty of me), but it's "Putting On The Ritz" - 1929 song written by Irving Berlin.
Sorry to be a jerk...
Edit: Currently watching 1934 "You Can't Buy Everything". I haven't seen it before! May Robson is terrific!
LOL... you are correct, putting on the ritz,, ha I was laughing when I wrote this and for some reason it didn't look right... fixed it!
Ha.