People seem to be taking note of this already, but in the beginning of the video there is definitely that voyeuristic quality that Hitchcock employs in later films. The old man with the monocle uses binoculars to get a closer look at the dancers, which puts the audience into his POV. What I really like about this particular moment is that the binocular view starts with a pan of the dancers' legs, rather than their upper bodies. I think Hitchcock did this for two reasons: 1. To make the "reveal" of the blonde dancer more dramatic; By only showing the legs of all the other dancers and ending the shot with a slow pan up to the blonde's upper body, Hitchcock really emphasizes the old man's fascination and focus on that dancer in particular. Only HER face is shown, so she must be of some importance, or at least of more importance than the other dancers.
2. To add an enhanced sense of voyeurism to the scene; Women's legs definitely have a stereotypical voyeuristic connotation (the poster for The Graduate comes to mind), and Hitchcock is aware of that. By having the camera (binoculars) pan across the dancers' legs, he more clearly displays the old man's (possibly sexual) enjoyment in viewing the ladies on stage. This reminds me of L.B. Jeffries in Rear Window, specifically when he is watching Ms. Torso (the woman who is constantly wearing skimpier clothing). Jeffries, like the old man in The Pleasure Garden, seemed to get some sort of satisfaction in watching her dance.
Anyway, there's obviously more to explore in the clip, but that beginning part stuck out to me.