Spanked By Captain Easy
From The Funnies #23 (1938), spy Helga gets a spanking from Captain Easy:
Via Chicago Spanking Review (which has a lot more details about the comic).
See Also:
Spanking Blog: Adult Erotic Spanking At Its Best
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Reform School Collective Punishment Movie:
Detention House 3: Delinquent Girls Spanked Amazingly Hard
"...the girls are prepared in the reformatory’s punishment room, naked, lying on their backs on special benches, bound with their legs spread above their heads, shamefully showing the two holes usually hidden..."
An all-time vintage classic, suitable for framing.