We are incapable of describing this thing - except we think it is a key-ring... but as for the technical terms......... well......... we asked the Ancient Mariner but answer came there none...... (stop mixing your poetry: editor)
P.S. We have just had a telegraph from Captain Birdsnest who tells us that the round red and black thing on it is a "Traditional Engine Order Telegraph. It was used on steam/ motor ships from 19th
century until about 1950's. It was used by the officers on the bridge of a ship
to communicate to the engineers in the engine room, It enabled the officers to
order the engineers to alter speed of engine as well as forward and astern
Now we expect you are really glad that we have told you that.