Caricature portrait of officers in the Austrian army in Central Italy, 1740s, made by Pier Leone Ghezzi (1674-1755).
The book I scanned it from has a transcription of the text in readable form; I’ll attempt a translation, modernising the orthography and punctuation because I know how to write in English but not quite in 18th century English:
Image on the L: The most illustrious General Perbusati, Milanese, whose head trembles and shakes [al quale gli trema e frulla la testa], he is a very experienced man with regards to war. He came with the army of the Queen of Hungary [Maria Theresa] to take Naples and told me they feared Gages [here spelled Gagge; José Buenaventura Dumont comte de Gages, commander of the Spanish-Neapolitan army], the Spanish cavalry and the foul air.
Image on the R: Lieutenant-Colonel Locviz [sic, Lobkowitz] son of Generalissimo Locviz; and this son of his, Knight of Malta, though very young is also going with the aforementioned army of the Queen of Hungary … This gentleman is a most gracious young man and it would be a pity if he were killed in some skirmish against the Spaniards.