This is a "Jersey Jessie" toy Milk Cow produced by Thomas Manufacturing sometime in the late 1940s or early 1950s. There's a rubber bladder inside the toy. You remove the udder, and fill the bladder with milk. Then by lifting the tail, the milk is forced through the teats. This is the only one we've seen with the original card packaging.
The bladder is dry rotted, but could be replaced with a piece of a balloon. The packaging has been reinforced with tape on one side. Otherwise, it's perfect.