I was going to compare this film as a lesser version of the Maltese Falcon, and when I hit the source page I see that it was meant as a spoof of that and other films of those times.

As such, if I watched again I would look for signs of this, because all I saw was a straight version of the treasure hunt concept that had some nice shots, capable performance, and was passably entertaining, but coming nowhere near the level of the best expressions of same.

It's the kind of flick that would suit a late night TV viewing, but wouldn't be a rewarding rental for most people today.