Antique cardboard advertising sewing thread winder - it seems to be suggesting that once the thread is used up that children recycle it and turn it into a 'Whizzer' !  'Children punch holes and thread up to make a Whizzer' Some of the 'arms' are a little creased and bent and a little loss of surface card on the reverse as can be seen in the photos.  Measures approximately 7 cms across at the widest.