What Is It, clearing out an old mans garage!

[needleworks]

Long story but I was given this from a friend, he got it while clearing out an old mans garage. There were no other parts with it, and no indication as to what it had been used for.

There are some other small parts in a wooden box, like a small spring loaded tailstock and a handful of what looks like Myford collets ? It looks to originally have been 3 ph, but now looks like someone has done a home job to convert it to single ph as there appears to be wiring that would suggest someone has added a capacitor to it. Anyway, if anyone could shed some light on it I would be grateful.

Sorry the pics are the wrong way round.