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@Quiet_Mike
And of course this odd gear system? Lucky just discernable through the rust it was stamped the "Cyclo Ace" ...
Cyclo Ace by zombikombi1959, on Flickr
But what the hell is this funny sprung arm hanging under the bottom bracket? Not helped of course that there wasn't a chain involved ...
Cyclo Ace tensioner by zombikombi1959, on Flickr
Jim Guard bottom bracket by zombikombi1959, on Flickr
More googling required ... and this time a mine of information out there on Disraeli Gears >
http://www.disraeligears.co.uk/Site/Scanned_material_-_Cyclo_Gear_Company_catalogues.html
Keen to see how it actually worked I chucked on an old 5 speed I had kicking around
[/URL][URL="https://flic.kr/p/hAetmi"]
Cyclo Ace Close Ratio gears by zombikombi1959, on Flickr