Dashing Lord Arthur Dilling (Basil Rathbone) and old Lord Elton (Herbert Bunston) compete for the affections of the lovely widow Fay Cheyney (Norma Shearer), who is secretly a jewel thief.
Early sound films have a reputation for being badly made and boring, but I disagree. Some early sound films from 1929 and 1930 are exceedingly well made. However, for every film like Bulldog Drummond or The Love Parade, there's a film like The Last of Mrs. Cheyney.
The Last of Mrs. Cheyney is clunky, badly acted, badly paced, badly written and badly directed. It's a mess. It lacks all the charm of the 1937 version. It's also much more stagier than the '37 version. This version doesn't even have the opening meeting on the ship between Mrs. Cheyney and Dilling (one of my favorite parts of that version), yet it still manages to be almost the same length as the latter film.
Norma Shearer is an actress I like much more than most people, but she definitely doesn't have the charm or wit of Joan Crawford. Basil Rathbone turns in an terrible performance as Dilling, and Herbert Bunston's performance as Lord Elton is absolutely dreadful. I did like George Barraud's performance as Charles; he's easily the best actor in the film, and it's a shame he didn't have a bigger career.
Overall, go watch the Joan Crawford version instead. You'll enjoy it a lot more.