It is a Winchester made take apart reel. You remove the end cap on the head plate and the plate comes off with a slight twist to the left(?). Winchester labeled it their 4350. It looks like it's in nice condition and if labeled with the Winchester name it would be $200+. Nice find.
Don: The way I understand it, Horrocks-Ibbotson assembled reels from the stock they purchased from Winchester in 1931. I would assume that most unmarked reels were either sold to Winchester distributors to peddle to the disgruntled Winchester gun dealers, or assembled by H-I. I can't imagine they were trade reels, since at one time I owned many blue prints for trade reel stamps, and I think Winchester wanted them marked. However in the late 1920s they were going bankrupt and might have dumped reels to some wholesaler. I have seen quite a few of those take apart reels that were unmarked.
John Olin of Western Cartridge thought Winchester was nuts to expand into all their retail products, and because he was right he ended up owning Winchester. He probably dumped all the miscellaneous hardware and sporting products in any way that he could. Maybe someone knows for sure where all those unmarked reels came from, but other than seeing many of them in H-I catalogs and knowing H-I bought Winchester's fishing tackle division, I'm not sure. However, I do believe that Winchester was the actual manufacturer of the reels, even if H-I sold them long after Winchester was out of the business.