Walsrode
Old ad for Walsrode, from issue 47 of "Il Cacciatore Italiano" (Milano, 22 Novembre 1931) Translation: Hunting in fall and winter / WALSRODE / Licensed - Inimitable / Chief representative for Italy. Jos Dupont - Milano
[By the way, the word "caccie" is an ancient variant for "cacce", the plural of "caccia" (hunting); nowadays, "caccie" with letter "i" would be considered grammatically incorrect]
"Walsrode" was a gunpowder brand, apparently very well known among Italian hunters at the beginning of the last century. For sure I'm not an expert in the field, but online I read that The Walsrode Smokeless & Waterproof Gun Powder Co. was established in 1894 and was known to produce a very dense and smokeless gunpowder.