This is an adjustable razor which originally came with three blades (two are left in the package), two tins of a stropping paste called Thorite, a brush applicator and a small tube of hairs to test the sharpness of the blade on.
The case also has a Stropping machanism built into it. The listing didn't show the two small boxes and it was only when I turned the case over to see if I could take it apart to clean it did the two small boxes fall out - yes a very pleasant surprise.
The three blades are supposed to last a lifetime according to the box and the contents of the other box are supposed to last a year of regular shaving. The patent on the razor was granted on 25/01/1938 so this comes from around the mid-1930's to mid-1940's.

On to the razor itself. Its one of those where the blade acts as the spring. Couple that to the fact that the blade lies relatively flat, its always going to have very limited adjustment using modern blades. The adjustment "system" just loosens the base plate and all the adjusting mechanism really does is locks the top-cap in place. It's the same principle as the "locking-handle" that I made for myself about 6 months before I found this. It just goes to show that there are very few new idea's in the world of shaving. (I will put up a link to my locking handle in the future)
How does it shave? Its a very mild shaver. Keep in mind that I've only used current blades and even if I open it up to just before the blades is actually loose it's still a very mild shaver.