I'm doing a presentation on Walt Disney. Snow White was his first feature length animation and it cost $15m USD to make in 1934. No way would anyone in heir right mind spend that amount on a movie today!
If as Jake says (and it seems pretty likely), the cost was 1.5 million, then using the Consumer Price Index (which seems reasonable - as a movie is a consumer product), the cost today would be around 25 million. This compares quite favourably with (for example):
Shark Tale (75 million)
Toy story 2 (90 million)
The Polar Express (170 Million)