What's Up With the Ending?
How do you end a Hollywood movie? With a smooch, of course. And that's what you've got with Spellbound.
Constance and Ballantyne say goodbye to Brulov and then head for a train to go on their honeymoon. Before they enter, though, they kiss, while the ticket-guy (who sold them tickets earlier, when they were still on the run) looks confused, as if he's trying to remember where he's seen them before.
Smooches tell you there's a happy ending and everything is all wrapped up as it should be. But—there's something interesting going on here beyond the smooch. Notice that through this whole final scene, Constance doesn't talk. Brulov compliments the two of them, and then Ballantyne mutters something polite. Also, it's Ballantyne who takes the initiative to kiss Constance.
In other words, this is the first time in the film where Ballantyne seems like the active partner in his relationship with Constance. He's the one who talks, he's the one who acts. He remembers and knows what kind of manly man he's supposed to be. The ticket-guy may be confused, but John Ballantyne knows who he is. He's a dude, doing dude things, like talking and kissing.
The film doesn't just resolve with happy smooch and marriage. It resolves with confused, neurotic, messed-up, castrated Ballantyne getting his manliness back.
For this last, final bit of the film, you're really in Ballantyne's POV. He's the one who talks, he's the one who reacts (he's practically daring the ticket-guy to say something). Everything was out-of-whack when Constance was the main driver of the plot and of her and Ballantyne's relationship. But now that he's in control, everything can end happily.
Hollywood in 1945 wasn't super into feminism, in case you didn't notice.