IX May XIV (year of the) Fascist Era. Italy finally has its empire.
This proclaims the conquest of Ethiopia - soldiers in the bottom left, soldiers as engineers in the center, a bulldozer to the right. Above, aerial assaults (weirdly combining airplanes with naturalistic eagles - the upper airplane has an eagle perched on its wing). Above and to the left of the inscription, an Ethiopian gives the fascist salute and a lion bows in submission. All very typical.