“Better than all the other beers on the market – Sapporo and Asahi – sold everwhere” is the gist of the text here. However, “Sapporo” is transliterated as “Peporo” (the “p” has a pronounciation between and English b and p, it isn’t strong or aspirated). This is from 1937. People in Siam couldn’t pronounce “Sapporo”?
I also find it interesting that a woman is holding a glass of beer and ostensibly about to drink it. Women were drinking beer in 1937 Siam? Admittedly this looks like a pretty progressive young woman . . . or maybe that’s the point. If you want to meet this type of girl, you’d better start drinking Peporo!