The subject has not been identified, but the picture is reminiscent of Hughes's illustrations to The Nights of Straparola, a collection of folk tales and fables by the obscure Italian author Gian Francesco Straparola (d. 1557), translated by W.G. Waters and published in 1894. The original of one illustration was sold in these Rooms on 29 October 1991, lot 15.
Many of the stories are rabelaisian, so much so that the book was considered offensive to Counter-Reformation sensibilities and placed on the Index in 1624; and Hughes's illustrations reflect this tendency to a remarkable degree. It is possible, therefore, that the present work was conceived for the project but rejected as too salacious.
Byram is not of course an Italian name, but the title could have been changed or the name mis-spelt. A puzzle, calling for further research.