Fish have metal eyes, and are hand-numbered on their plugged weight-holes on the bottom:
2 (red)
4 (green)
6 (blue)
Bag is white, with blue print, and red trim. Two fish are pictured on the flap, and the body says "HOLGATE | Jr. Fisherman". The shoulder strap is standard tri-color pull cord of the era.
This toy appeared in both the 1940 and 1941 catalogs, but this bag design was only in the latter. This appears to be an update to Holgate #201 "Fishing Game".
The box is two-piece brown with red-brown printing and red stamped steel reinforcements. the ends have small clips of the same construction, which fit through holes in the lid to keep it on. I haven't seen this before. Both clips have snapped off, but one was in the shipping box. An additional piece of painted red cast metal found in the box appears to be unrelated.