This is a counting-out rhyme for choosing things like who will be "It" in a game or who is "Out". Whoever is reciting the rhyme points to each person on each syllable of the rhyme, and whoever is pointed to on the last syllable is either "It" or is "Out".
Monkey, monkey, bottle of beer;
How many monkeys are there here?
One, two, three, out goes he (or she!)
Thanks and Acknowledgements
This rhyme can be found in Games for the Playground, Home, School and Gymnasium (1909) by Jessie H. Bancroft.
The image is from "Grosses bêtes & petites bêtes", images and text by André-Hellé (Paris, 1912), with a little graphical editing by Lisa Yannucci.