Folder style booklet.
Rekord.
Manufacturer Unknown.
Made in Italy - Unconfirmed.
This old paper, despite the French text, was probably made in Italy, ca 1920s most likely Trieste. It has the remnants of a tax stamp ( bolla Steuermarke banderole ) in Cyrillic. Probably produced for the Serbian Croatian, Macedonian, or Greek markets.
The illustration is of a steeple chase with horses and jockeys racing.