I don't have access to an actual record explaining the cartoon, but the symbolism makes much clear. The figure with the swastika armband and "toothbrush" mustache clearly represents Hitler. The figure in black has a symbol on his chest that consists of a bundle of sticks and an axhead; this is the fasces, a symbol of Italian fascism. The fasces symbol, general physical resemblance, and the Roman salute strongly suggest the figure in black represents Mussolini. The cross symbol on the woman's chest is the cross potent, a national symbol of Austria in the 1930s.

The cartoon appears to be referring to the alliance treaty between Italy and Germany signed on October 25, 1936. On November 1, 1936 Mussolini made a speech saying all Europe would now rotate on an axis between Rome and Berlin, giving the new axis alliance the name we know it by. Crucial to the signing of the treaty was the status of Austria. Previous to the treaty, Mussolini had supported Austrian independence while Hitler wanted to annex Austria to Germany. Mussolini changed his position in return for Hitler ceding a free hand to Italian expansionist plans in Africa which involved some formerly German territory.

The cartoon is saying Italy sacrificed Austrian independence in order to gain an alliance with Germany. Germany would go on to occupy Austria on March 12, 1938.