Well...it does rather depend on how fashionable she was, or the lady in the photo. Toward the end of the decade the cloche hat grew a larger and larger brim, for no reason except to keep on the cutting edge of style. But the big thing is the hemline. Hems went up and up until 1929, when along with the stock market they came crashing down. Hems didn't really go back up again until the late 1950s.
So on the appearance of this photo, it can't be as late as the 30s.
Cheers,
China