Hi Alan,
The function of this item reminds me of similar pouring devices on some of the oil and vinegar bottles in antique cruet sets, that had a spout on one side and a hole on the other which controlled the flow of air into the bottle and therefore how much fluid came out the spout.
A similar principle was found on the large bottles of ink that were used to fill ink wells in our desks as school kids. I'm talking 1950s "ink monitor" trivia, a time when we used pens with steel nibs that were dipped into the ink well (as well as plenty of blotting paper).
Interesting piece.
Ian.
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