Mystery Pipe and Fitting from Donnyboat, Western AU

[Gfish]

Is it something to do with fly tying - to hold bobbins and stuff of varying sizes ?

That's what I's thinking after I read Ron's first post: fly tying unit.  I thought the 2 circular parts would make good hook holding jaws; a big multiple of diffrent hook sizes would fit and an easy way to rotate the jaws to unworn areas. But bobbins seems like a more realistic thing.