I was also caught by the line about BVD's. I knew they were a brand name of underwear, but assumed they were not around when the song came out in 1924. Per Wikipedia "The brand was founded in 1876 and named after the three founders of the New York City firm Bradley, Voorhees & Day (thus "B.V.D.").[1] The term came to be used, however incorrectly, for any underwear in the style popularized by BVD." Live and learn. I would agree the lyric was changed by British singers to "underwear" to make the reference comprehensible to their audiences.