The French flag waving metal float c 1905.

[Thomas Turner]

One of the most tactile and rare French floats is this hollow metal version here by Ferax. The principle is when a fish bites, the line attached to brass lever hinges and a spring rod in the centre of the float pops up. On top is a cloth tricolour French flag making you aware you [...]
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[gpwhitejr]

Interesting manufacturer:

Manufacture d'armes de Saint-Etienne - Wikipedia

It is funny how things change. BSA, known mostly for motorcycles, stands for British Small Arms. And Ducati started out as a maker of radio tubes.

 

[s fontinalis]

IS it the french flag though or an inverted luxemburg or Inverted Netherlands flag? or even Russian?

seems more plausible that is one of the latter, given the horizontal Triband (very un-French like to make something like that deliberately).