I am not familiar with this unit, but if it is a boring and facing head, then the adjustment ring could be the feedrate per revolution. The thing may ratchet several times per revolution to accomplish the feed movement on the slide.
A reaction bar is also required for the feed mechanism to work against. There should be a hole in a slip collar somewhere on the thing to insert a rod. This rod will be held stationary while the spindle rotates the head, and the feed mechanism will then begin to work.
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