Just a great fish I think, a tropical one it looks to me, and I might guess, with punch holes at the top of the paper, once held in a school notebook, perhaps from a science class. (Perhaps it is the species named at bottom center, but I can't quite decipher it.) More delicately than boldly rendered, it rather looks as if it just swam into view and is about to swim away again! Initialed and dated what looks like 1930 to me.
9 5/8" x 7 1/2", good condition.