It’s quite a burn to Germany and Kaiser Wilhelm. I think it would have done better to use an image of Kaiser Franz Josef to be more figurative and literal, but Wilhelm/Germany was likely more recognisable as the enemy to British readers as well as their primary antagonist in the war.
(originally published in “Punch” magazine in 1915)
scanned photo from the website: http://www.pictorialgems.com/1915-Sick-Man-Of-Europe-Kaiser-Takes-Turkeys-Cot.39243
(Source: asyayay, via lord-kitschener)