A Brief History of Australian & British Naval Buttons, Buckles, Banners, Badges & Braid, 1748 – 2006, by CMDR John M. Wilkins RFD* RANR, February 2010 - Revised Fifth Edition, notes this button as being for the RN Transport Service.
Described as an unofficial private production button, with unauthorised use of a cabled anchor. The coloured drawing accompanying his description shows an oval roped ring.
I am unable to confirm or elaborate, just happened to have that secondary source on hand.
Keith
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