[78-L] Does anyone recognize this label?

[ice261263@gmail.com]

Not my specialty, but in the photo we can see the raised border of the label, and a raised central ring too, around the spindle hole. Something like a double eccentric groove can also be seen around the label, at the upper right corner of the image.
A more complete image would cast some light about the pressing factory, probably... Grey Gull, Pathé, our some other. Could be a client label for a well known maker. 
Could you post a complete photo of the label and surroundings?

Inigo

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