British leather pouch, but for what?

[ILH]

Picked this up in a joblot, but i have no idea what it is for. Does anyone know?
marked "BLG 1941" (Britsish Leather Goods?), also "/|\59".
It has had a couple of coats of gloss white paint in the past, and i've seen a similar shape pouch (without the internal divisions) in soft buff leather (20th century ceremonial Slade Wallis style) on a web auction site... but there were no details.
cheers, Jim.

Wb sleeve is just for scale.

[Roger M]

It looks a bit like the right size and shape of the US Disston Folding Saw, but I have only seen these with the US canvas pouches.
They are a bit longer and narrower than the British version.

Henry Disston Folding Saw | WW2