I have seen these before, and I believe it to be a fuse. The "solder" is actually the same thing as the element in a modern fuse. Works on heat. If the ambient heat or the resistance in the circuit rises too high the connection you soldered lets go and opens up. It's a one time use device. I don't necessarily agree that a circuit breaker in the line will give the same protection. I would replace the whole unit and display it as an antique.
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Today's Featured Article - History of the Nuffield Tractor - by Anthony West. The Nuffield tractor story started in early 1945. The British government still reeling from the effects of the war on the economy, approached the Nuffield organization to see if they would design and build an "ALL NEW" British built wheeled tractor, suitable for both British and world farming.
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