Ikan Doejoeng (1941)
Ikan Doejoeng (Perfected Spelling: Ikan Duyung, literally meaning Mermaid) is a 1941 film from the Dutch East Indies directed by Lie Tek Swie and starring Asmanah and Soerjono. Following star-crossed lovers, the film was the first released by Standard Film. Likely targeted at the educated elite, it is now probably lost.
More at Wikipedia.