Mystery tool manufactured by the Monarch Tool Company Ltd, Kirkheaton, Huddersfield, UK.
Internet search found no reference to the company.
Tailstock is spring loaded and when the headstock spindle is rotated anti-clockwise as 
you look from the tailstock moves towards the tailstock. 

monarchmysterytool.jpg - the tool in question

D Billington	djb@djbillington.freeserve.co.uk	8th August 2005