From the item description:
Carved 'ox-bone' depicting the devil – more continental than the traditional English style, finely carved with his eyes closed and a stained red tongue which protrudes out when the cane is shaken or tapped on the ground. Accepted as an amusing surprise to delight (or scare) children, popular in the early 20th century.
Set in a plain silver collar fully hallmarked London 1923 makers punch R P – R Penston and mounted on an elegant ebonised hardwood cane terminating with original ferrule.
Here is the full eBay listing with many excellent photographs of this carved devil handled cane with articulated tongue.