...covering Australian comics
The characters were originally designed by illustrator Vernon Grant in 1933. This issue is from the period they were presented as elderly gnomes, before being reimagined as younger characters in 1949.
A 'wanted to exchange' column in April 1940 lists this comic (The Argus (Melbourne, Vic: 1848-1957), 11 April, p. 15. , viewed 9 Feb 2021, nla.gov.au/nla.news-article12445170). In January 1941, the Tivoli in Sydney gave this comic away free to every child attending the Monday afternoon matinee (1941 'Advertising', The Daily Telegraph (Sydney, NSW: 1931-1954), 5 January, p. 12. , viewed 9 Feb 2021, nla.gov.au/nla.news-article247511020).
It was possibly distributed in schools or in Show sample bags.