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@Quiet_Mike
The Cyclo 'Ace' first appears in 1937, but is discontinued by 1955 when the rear derailleur as we know it has long taken over. (The Simplex Tour de France is introduced in '48)
http://www.disraeligears.co.uk/Site/Cyclo_Catalogue_373_-_page_21_files/Cyclo%20373%2021-filtered.jpg
The 'Ace' is not the first 'close/medium-ratio three-speed striking-fork derailleur' though, or the most well known, as I found out a Eroica Britannia when more knowledgeable cycle history aficionados would all mention in passing "Oh look, an Osgear!"
http://www.classiclightweights.co.uk/designs/osgear-hs.html
The system is pretty basic, and was popular at the end of the 30's, and early post war. The sprung arm bolted underneath the bottom bracket taking up the slack in the chain, the fork mounted on the back operated by twin cables shifts the chain between the cogs.
Sounds simple ... I hoped it would work! The seller contacted me to say he had found the original chain, a fairly rusty 'Coventry', and that was then dumped in a can of sump oil and forgotten about for a few weeks.
Progress then stalls over the winter, as I scratch my head over what to do about finding a good pair of wheels. Everything on the bike was top quality for the late 40's, early 50's. I couldn't just chuck any old pair of 26" wheels on it ...