We know the date of the recording but only the innermost rings are playable, so most of the audio is forever lost. "A Gay Ranchero" was a film in 1948... six years after this was recorded. There was also a lesser known Spanish film of the same title in 1941. [Source] Neither of those relate whatsoever to the contents of the disc.
The recording is of the Fibber and Molly McGee program. [Source] the program is so well documented that I was able to search by dialog.
COP: I'M NOT AN ARMY MAN. I'm a police lieutenant.The program "Fibber Meets a Racketeer" aired on NBC Tuesday 10/28/41 Tat 5:30 PM matching the date on the disc perfectly... if not the rest of the labeling. The Gay Ranchero may have serenaded us on the destroyed portion of the disc.
FIBBER: Oh rejected, eh? Well, we can't all be --
MOLLY: McGEE BE QUIET. What did you say the plan was, officer?
COP: I'll stand right here, behind the book case, near the door. If that gangster comes back...you maneuver so that his back is toward me.
FIBBER: GOOD IDEA! SHOOT HIM IN THE BACK! MUCH THE SAFEST WAY BECAUSE --
COP: I'm not going to shoot him. I'm going to slip the handcuffs on him