Anne, yes, the barrel is screwed into the metal, the smaller glass piece (horizontally cut: a cross) is to be inserted into the barrel prior to screwing the latter onto the metal.
The red rubber ring is old and does not close perfectly anymore, perhaps it did at one time.
The smaller glass piece 'falls' through the metal holder and touches the table's surface then.
the inscription is something like:
Mueller Mulhouse Breveté SGDG
I had googled all Switzerland already, thinking it could be a Swiss Patent - unfortunately without success.
Mulhouse could be France and
Thank you for your interest Anne - very much appreciated!