I think this cartoon is showing somewhat sarcasm between the two leaders and the competition will be between them despite the pact

December 14,1936. "The forty-eight hours after the march into the Rhineland were the most nerve-racking in my life. If the French had then marched into the Rhineland we would have had to withdraw with our tails between our legs, for the military resources at our disposal would have been wholly inadequate for even a moderate resistance."

In this cartoon source i can see Hitler mocking of others leaders of democracy ans showing he is better than all the other leaders.