This gem is from Babar & His Children.
I think it makes it into all-time-favorite children's illustration territory for me.
The text is also great, in a Babar-ish way (it begins "Three seconds in which to act -- and no gun!") but I think it's a such a perfect three panel story all on its own. What cold heart could resist a baby elephant encountering a crocodile while floating in a bowler hat?