This toy was made about 1985 by the Yone Company of Japan. It is a mechanical, wind-up toy, and as the penguin turns to and fro, there is an interesting mechanism whereby the string first winds and then unwinds from around the metal rod. This type of mechanism was first used as a clock escapement in the Middle Ages.
The toy is also called 'Let's Clean'. You will notice that the big penguin has caught not a fish but a tin can.
The idea - apparently - was to encourage an interest in the environment among small children.