This movie is the pinnacle of a genre of Escapist cinema of the 1930's called the Swashbuckler, a romantic exotic adventure story following a dashing lead hero who takes to the open seas or land of some kind as part of an army, crusade, group of bandits etc... who go on adventures and the lead hero eventually wins over a beautiful woman. It's a great film with very compelling acting. This movie shines in terms of the growing capabilities of actors to be subtle in their performances albeit subtle by the standards of the 1930's so there's still definitely showmanship but Charles Laughton is very very nuanced in his depiction of the Captain. The story itself is also extremely captivating in its historical roots and actual storyline. That being said the movie is completely escapist, using a handsome star, who fights subtly for revolutionary causes, but nothing too overt. Just Classic American film escapism of the kind that the studio system was churning out day after day during this era.
This film follows in the lineage of Thief of Baghdad, Mask of Zorro etc...