In the 30's, most finishes were lacquer and it probably is a veneer. Assuming that it is the original finish, the color you describe could be caused by moisture damage and dehydration. To repair this, the polish must be removed and the loose finish has to be reamalgamated. This can be done in one step with Wood Elixir. Loose veneer can be reattached with glue injected under the veneer prior to treating the finish.