It is made of crepe paper and delicately illustrated with wonderful scenes of japanese life. It appears to be given as a special gift, the last page is creatively cut out and given from an "Arsene Marcais". Very good condition given its age. No odors, some wrinkling of pages but no tears, and the type and illustrations are clear and bright.
This is a rare find. Please feel free to contact me with questions or for more pictures.