The narrator says the fair is taking place "at a time when most of the world is involved in the destructive thoughts of impending warfare". By the time this film was released on September 2, 1939, it had become actual warfare, Hitler having invaded Poland the day before to start World War II.
The narrator says Treasure Island lies "within the shadow of the longest and most costly bridge in the world", referring to the 1.7 mile, $27M Golden Gate Bridge, which opened May 27, 1937. (However, the San Francisco-Oakland Bay Bridge is much closer to Treasure Island.)
The Golden Gate International Exposition was held 18 February to 29 October 1939 and from 25 May to 29 September 1940, drawing over 17,000,000 visitors.
Treasure Island was envisioned to become a second airport for San Francisco at one point. Built by the U.S. government it covers roughly 400 acres. It was taken over by the U.S. Navy in 1941 to become Naval Station Treasure Island. The base closed in 1997, was sold to the city of San Francisco and has been undergoing clean-up, remediation and redevelopment into a residential and commercial area in the succeeding decades with plans to house 20,000 people.