This substantially a reprint of 5 Star Comics (Young's Merchandising Company, 1949 ? series) #1. It has no changes to the cover other than the price, but it includes only four features. "Lady Luck" is not reprinted.
This issue's indicia confirms the Australian source: "Printed and published by the Times Printing Works Ltd., 2-4 Chapman St, Newton, Auckland by arrangement with Rosnock Pty. Ltd., Sydney, Australia. Contents copyright and all rights reserved. Distributed entirely by Gordon & Gotch (A/asia) Ltd."
This cover is based closely on the splash page of the Hickory story in this issue.