Song from the 1936's movie "Lucky Kids" aka "Glückskinder" performed by those days German teenage idol Willy Fritsch together with Lilian Harvey, Paul Kemp and Oskar Sima. Directed by Paul Martin.
In fact, this film is the German adaption of the Oscar decorated film "It Happened One Night" with Clark Gable and Claudette Colbert with a slightly modified story.
Because of the loss of talented, in particular, jewish film authors after 1933, the Nazi regime was desperately seeking for inventive film ideas and therefore sent Paul Martin to the States to study the film business over there. He came back with this story and modified it for the German market. In the middle of the scene within this clip (3:04) Paul Martin pays credit to the original film with a funny idea when Willy Fritsch sings "I wish I was Clark Gable mustached and with saber..."
Composer of the song is Peter Kreuder.