The Archive edition states the inks are by Costanza.
Part 2 of the Captain Marvel vs. Spy Smasher storyline, which continues in the Spy Smasher story in this issue.
Part 3 of the Captain Marvel vs. Spy Smasher storyline, which continues in the Captain Marvel story in the next issue.
The splash panel is used, in part, as the cover to Spy Smasher Comics #1.
Panel 6 on page seven contains a swipe of the figure of Captain Marvel used on the cover to Captain Marvel Adventures #1.
In the last panel, the editor asks readers to write in and tell him who they think will win the gigantic battle between the two heroes.
There is no explanation for how a tribe of Arabs came to be in Brazil, where the ivory came from, or why the climactic battle takes place in a desert.
Story continues in next issue.