What is it?

[sdelivery]

Well Thought it could be a lapping. A spooler?
The carboloy name just confuses me more.
Any Ideas?

 

[Inferno]

In 1997, Kennametal bought out Carboloy. You could always try to contact them to find out what it is.
Carboloy used to manufacture carbide tools so I'm sure it's related to that.

 

[fixit]

Lens grinder

 

[Eddyde]

Can you determine the action of the machine, it looks like the bottom might rotate while the "carriage" above it moves side to side?