HMV, blue dog.
Record label of HMV, shaded dog (blue)(UK pressing).

Click for Micrographia Home Page. H.M.V.

This label is clearly a sibling of the better known white-gold dog label, and was used in the same period of record manufacture. Perhaps someone can enlighten me as to what role this label played, if different to the white-gold.
This particular disc is a well recorded high-amplitude recording of organ music -- well worth a listen if you like this kind of thing and have a cartridge capable of tracking it.