This device is not a butter churn (as some people on imgur appear to think), but a knife sharpener. The three bits sticking out at the top hold knives that are inserted beside them, and the aperture at right allows loading it with polishing compound or jewellers rouge. There are two rag wheels inside, which are drawn across the blades.

Here's an image of a similar piece: Swiss Cottage, “Kent” vintage knife sharpener

This was made by John Barker & Co. in Kensington, London, a sort of Victorian department store that was later bought out by House of Fraser.