Jiminy Cricket 1940 Art piece, framed, please help identify!

I have this framed Jiminy Cricket artpiece and wanted to know more about it if anyone knows anything about it.  It appears to be painted on and I don't know but there are black dots on it for some reason, I am assuming for rough draft purposed or related.  

On the back it says     - Jiminy Cricket     Pinochio    1940 -      as you can see from the picture.

The frame is 15 1/2" x 12 1/2".

I would be happy to recieve any feedback the community has on this and information related to it's origins, date, value, etc...

Thank You and hope to hear from someone.

Good