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You can often look through the inlet hole in the side of the chest and watch the valve, as there is no nut put a mark centrally on the sid eof the valve so you can see that it moves equally each side of central.There should be a bolt with knurled nut or lever to lock the position of the valve lever to the quadrant that is part of the top of the valve chest
With the deep heads on the hand made bolts, and the general style , and much use of brass, I would think that this engine is quite considerably old, going back to the time that Model Engineer Magazine very first appeared - late Victorian era? Dave