unknown Christmas illustration identified

On December 7th I posted an image I initially thought may have been used for the 1933 Disney Studio corporate Christmas card. This was not the case and I was left wondering what the art was used for.

Well, two good friends emailed to let me know the illustration, found here, was initially created as a concept for the 1933 card, but was not used as such.

According to my friend Are Myklebust, "This is an unofficial...Christmas card drawn by Fred Spencer to his friend and colleague Charles 'Chuck' Couch in 1933." Another friend, Ross Anderson, provided an image of the conceptual art.

Thanks guys!