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SW “Ohia” | paul the original,
That appears to be some form of indicator base, which can be interchanged to hold a number of different tools. The one in it now is just a pointer that is used for observing runout. Could also hold a dial indicator.
There are thousands of different base designs made by hundreds of manufactuers over the centuries, often for specialized applications. The most familiar is a typical magnetic base like in the photo below.
Sheffield, England was a major city for precision tool fab in the 19th and 20th century.
 (46E7089A-4C2F-4E91-A20F-49BF8042510D (full).jpeg)
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 46E7089A-4C2F-4E91-A20F-49BF8042510D (full).jpeg (52KB - 37 downloads)
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Jim D’s mystery item - what is it
