[crashryan]

This is a very interesting comic. The text page indicates it's an adaptation of a radio show, one I've never heard of. But the pacing of the story, along with the way the lettering changes size and the empty space over the first balloon in some of the panels, gives me the impression this was originally supposed to be a newspaper strip.

Odd that there's no indicia. Also, the text page says this is the second issue of the comic.

Link to the book: Captain Silver's Log of the Sea Hound

[josemas]

It was a fairly popular American radio program in the 1940s. It was created by Fran (The Lone Ranger) Striker.  Archive.org has several episodes which we could host here at CB+.

Avon published two issues in 1945, the one we have and one simply titled Sea Hound.  Another two issues were published in 1949 by Captain Silver Syndicate.  In Australia Atlas also published four issues in 1949.

Your speculation about a comic strip is correct.  There was a short-lived strip drawn by Jon Blummer that ran from 1944-46.  Ger Apeldoorn has some samples at his fabulous Fifties blog-

http://allthingsger.blogspot.com/2012/08/loup-of-faith-thursday-story-strip-day.html

There was also a 1947 serial from Columbia starring Buster Crabbe.

Best

Joe

[paw broon]

Joe beat me to it.  But to add his pretty comprehensive answer, here are the covers for the Aus. Atlas issues:-
http://www.ausreprints.com/content/main/?series=4194
I'm certain these are landscape format and as the page says the comics are newspaper strip reprints, then I assume they are by Blummer.
The American issues are slightly confusing and I think Overstreet might have the info. back to front.  The issue we have is #2.  No indicia but there is a note on our page 46.  Overstreet lists the first issue as nn and featuring a 28 page story tiled, "The Esmeralda's Treasure". These 2 make up the Avon run. 
The Sea Hound from 1949,  according to Overstreet, are numbered 3 and 4