Can't see this one as being issued in 1948 as Philips hadn't got off the ground then.
That's the date of the original release in the US on Columbia.
The cuckoo waltz was issued by Philips UK in 1955.
The cat# on this one ties in with other 1955 NZ releases listed on this site.
78's can be notoriously hard to date due to many late releases of original material.