According to the BoE's inflation calculator, that's around 280 quid today (plus VAT, probably - would've been purchase tax back then, of course, or none). But then it did come with two different arms and was probably extremely accurate.
Still, at 365/- it's now off my Christmas list :-(
Great info, thanks andy, thought it might be something like that. Its an engineering instrument from the Precision M/C Shop at Sir W G Armstrong Whitworth Aircraft Ltd, measures to 5mins arc on a vernier, in near mint condition. Will post photos if you think its of interest, if I get a round tuit in my Xmas stocking!