Hi !!
The horse represents Germany (it's written on his neck) . He's pulling a cart so heavy that he can't touch the ground.
In the cart is the load of 'Unlimited Indemnity' (Pay Back For World War I) which is the reparation settlement that countries had decided for Germany. Around 6 billion pounds.....
The two men in front represent France and England.
France, the one with a whip who wants Germany to pay for every lives and cities they have destroyed ..
England, the one with a shovel. His face looks worry..the British didn't want as much as France to treat Germany so severely.
But you can clearly see the French holding the horse which means France has power on Germany.
Hope it helped !
Merry Xmas :)