hoo boy, it sure is funny, but I don't believe it's supposed to be a comedy.
the main bit was supposed to be about the professor who believes a monster is living in the loch and is responsible for a number of disappearances in and around the place.
however, it's the reporter who gets all the best lines and gets to chase the granddaughter of the professor around in a romantic subplot.
she can't stand him of course, until she decides she likes him. he falls for her immediately and even after betraying the professor to the papers he decides to help out the prof by...
helping him discover the monster. yep, it's an iguana, blown up through trick photography.
I would have been greatly disappointed to see this had I paid money for it. it doesn't look a thing like what the professor said it was- a Diplodocus (which is silly, since even in 1934 they were known plant eaters).
and this monster had already eaten several people!
anyway, there are no pictures taken, but the beast surfaces long enough for several witnesses to see it and the movie ends with everyone happy and shaking hands.