Too late / Keppler.
Illustration shows a scene on a desolate shore where a woman labeled "France" is playing the role of Elsa in Richard Wagner's opera Lohengrin, she is dancing with Edward VII, King of Great Britain who is playing the role of Lohengrin, and they are looking at a nasty knight labeled Russia playing the role of Telramund. The swan is in the background, chained to a stake on the shoreline.
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