Auction buy-I am stumped as to what it does. The scale say 'high' at one end, 'low' at the opposite end of the scale. Turning the dial doesn't seem to do anything.
Not the best photo but it looks like it might be a fine adjustment for a boring bar. Possibly eccentric or like the Erickson tenth's set heads (ramp?).
Secound that it looks like the typical tenth set boring bar type adjustment, they basically rely on a rotatable holder thats off center to be able to adjust a given bore a lot lot finer than you would be able to other wise.
Briney and Valenite is written on it. An indicator shows no movement when the ring is turned when checking eccentric movement and length change. Possibly a clutch of sorts? Of course if it were a clutch, the increment numbers wouldn't make sense.
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