“Xiu hebao”: Embroid small bag (or embroid lotus bag)
“ZhouXiaoYan — can’t tell this character — chang”:
The Song of Zhou Small Swallow.
I’ve googled it up and found a certain Zhou Xiaoyan (Zhou Little Swallow) who’s a singer and a national hero and whose age matches the overall look of this cover. She was under her twenties in 1937 when she got famous for singing patriotic songs defying the Japanese occupation.