This panel is from a six pages long comics published in the no. 7 of the Yugoslavian magazine Zabavnik in 1937 (*). It is the only appearance of the Big Bad Wolf in this Yugoslavian made comics. His figure has been redrawn from one of the panels of 'The Further Adventures of the Three Little Pigs' Sunday newspaper strip from 1936, shown below in a reprint from Britain's Mickey Mouse Weekly from the same year:
(*) The full Yugoslavian comics can be viewed from a post from March 29th, 2010 in Didier Ghez's Disney History blog.