This is a very moralistic story warning you of the perils of sin. Thou shall not commit adultery, kill, bear false witness and not covet are all laid out for us, showing what befalls us if we break these rules.
Coveting - or greed is probably the main theme in this none too cheerful little picture. Besides the adultery, dishonesty, revenge and killing stuff happening upstairs, the folks down in third class are not the happiest bunch in the world either. Unlike in TITANIC, where the stuffy unpleasantness of first class was contrasted with the happy-go-lucky earthy fun down below, on this ship, everyone is miserable. Our third class passengers are all consumed with jealousy and greed. The greed is so strong that for some bizarre reason they all try to club together and invest all their money in the on-board stock market! (Which is presumably next to the all-day breakfast bar?)
There's a very common trope running through 30s Hollywood films which is unusual for the so-called land of opportunity; the dangers of ambition or wanting the luxuries enjoyed by others. This is ultimately expressed in THE WIZARD OF OZ where despite experiencing the wonders of Oz, Dorothy comes to realise that there's no place like home. She knows her place in society and knows better than to try to rise above where Shea's placed. In this picture greed consumes the third class passengers so much that they are willing to gamble everything they have to get rich. You just know that this is not going to work out well. Only good old C Aubrey Smith, in a role that's a nice change from his usual pompous character, playing an ex-con, might be able to save the day?
The other person slumming it in steerage worthy of note is Alice white. Only a few years earlier Alice White was a huge star - she was the ultimate flapper and quite possibly the prettiest, cutest and loveliest actress in Hollywood. As the depression-soaked 1930s progressed 'the flapper' was no longer in fashion so she found herself in small supporting roles like this. She was also a pretty poor actress but with looks like that, who cared! In this picture she's actually got quite a meaty part and despite her acting limitations, she's probably the most well written character - and also adds a bit of fun.
There's not much fun elsewhere in the film. George Brent is his usual dull self, Zita Johann looks like her cat's just died, the other ladies are simply unpleasant and I think Frank Morgan wishes he'd missed this particular boat. The direction is fairly pedestrian but competent enough to keep your interest.
And now that we know not to rise above our stations, let us sing, All things bright and beautiful paying special attention to this lovely verse to keep us all in our places:
The rich man in his castle, The poor man at his gate, God made them, high and lowly, And ordered their estate.