Christmas Comes but Once a Year (1936)
It's a simple concept, but the execution was ahead of its time. Like Grampy, Fleischer Studios invented some tricks of their own. Half a century before computer effects, they were developing innovative methods to create the illusion of 3D environments, as evidenced in the opening shot.
Like most old cartoons, if you're not interested in animation and its history, you won't find much to like here. If, however, you appreciate the art form, this is a great piece.