ZUT pour Madame are the words written on the blackboard in a vintage French spanking photo series with a teacher/schoolgirl setting. They mean something like "Drat our old teacher anyway!"
The photographer and models are unknown. The date is unknown too, but estimated c. 1870, according to Jeux de Dames Cruelles by Serge Nazarieff, in which it is featured.
(other version of the same photo)