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Hmmmm, didnt notice the fill port. So, that stem on the left should be covered by a wooden handle to protect the user from heat. Interesting thread....
It is a fixture for threading nuts - @bricycle who nailed it first. The opening is for cutting oil. The central rotating shaft would have an attached tool to cut the threads inside of the "blank" hexagonal nut inserted in the opening. The "turn" with an arrow stamped on it is for the new guy at the shop who does not own a clock..."What do you mean when you say turn it clockwise?"
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