Well Mickvp and Panthor are on the right track, Rip-bits made stuff for mining, what this was used for was to check the pressure in the rubber air lines (bagging) that would be used for the rock drills, these lines would run for hundreds of yards or even miles so if you had a loss of pressure you could just stick it through the bagging to find the problem point, the fine hole left wouldn't let much air out or maybe it was plugged after?
AS MICKVP WAS THE FIRST HE HAS WON THE GAUGE...... JUST SEND ME £50 TO COVER POST, PACKING AND HANDLING CHARGE AND IT'S YOURS. LOL.