Technically, Victor's "small" labels, on material that was quite long, had a 2.9375" center label (which would be their predominant size from c.1930 to 1946 and again from 1954 to the 78's demise in 1958). Here, because this was a "deep catalogue" release, the bigger size was retained for such records, and the label design likewise enlarged for such purpose. I presume had this been pressed well into the late 1940's, there would have been an enlarged "RCA Victor" design as in use from 1946 to 1954.
Meanwhile, as to these labels, the pressing would have been between 1937 and 1941.
And I suppose the label size here would be 3.375"? It does seem a more open spacing among the inner rim print, the "For best results use Victor Needles" notice, and the left outer edge of the spindle hole.