This is Champion Little Madam. Imported from Wales, she was the first Pembroke Welsh Corgi registered by the AKC and the first of her sex to become a champion and the second Pem champion under AKC rules. She was by Bowhit Pepper ex Bowhit Bunny and was whelped December 16, 1932 in the kennels of Mr. and Mrs. Sid Bowler in Wales.
Ch. Bowhit Beano of Merriedip was Best of Breed at Palm Springs and Reno in 1938.
Photo depicting the PWC in the 1935 publication "Working Dogs recognized by AKC" This book contains the Standards of all of the dogs in the Working group at that time. Looks like the same dog as the one above and the dates certainly make me think this is Ch. Bowhit Beano of Merriedip.
Ch. Bowhit Punter of Merriedip was BOB at Bosten in 1936 and in NY in 1938, and at many other shows.