Wow! One lucky find!
I wonder if is not only for static spin-indexing and compound dividing, e.g. for cutting spur-gears, apparently using change-wheels as well as the usual "holy" division-plates.
It's not clear from the photos, but can it also be used for spiral-milling: helical gears and worm-wheels, long-lead threads, and similar work, for which the spindle is usually geared to the milling-machine's long-travel screw?
It has had careful owners too. Yes the paintwork and labels are rather aged, but the direct-indexer is still shapely, the chuck jaws seem in good condition…. Look too at the circular nuts on the operating-spindle: still square-edged, not bashed about by hammers and makeshift drifts!
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I have just had a far-out thought, looking at the labels on this dividing-head. Recalling that strange "circular slide rule" that had us all foxed a couple of years ago now, might that have been some sort of highly-specialised gearing calculator?