Stick Cordite
It is the same smokless that they used in artillery rounds, the first smokless for the british commonwealth. It is not corrosive but erosive and burns hot, people claim it burns out the throat of rifles but if this were the case there would be no Lee Enfield with a usable throat.
What is the head stamp?
Here ya go!
An interesting side note: The cordite was placed in the shell prior to creating the neck.
When I was a kid (still am) we would take a stick or two of cordite, wrap a small piece of tin foil around it, and light one end. It would shoot across the room. Not terribly thrilling outside but funny as hell when you were inebriated in a kitchen with a bunch of similar '70's meatheads. Stinks the house up, though.
Always something to lern awn'ear.
Awsum thread.
Looks like Italian Maufacture