Peter Hill has this print on his wall, and thinks that he has detected the origins of the St Ayles Skiff in the dinghy pictured: we are not so sure.  We also think that the caption writer was indulging his taste for British understatement.   This is a Pears Soap advertisement.  Presumably there is a grubby child lurking in the bilges if you look hard.

 (For this and others similar see pears prints.com)