South Manchurian Railway emblem.
Engraved
朝鮮國有鐵道満經管記念 - Chosen State-owned Railway Manchuria Line Commemorative
大正十四年三月- March 1925
Marked
純銀服部製 - Made by Hattori in pure silver https://asiamedals.info/threads/history-labels-i-marks-of-hattori-watch-shop-tokyo.19361/