5-valve broadcast band mantle radio
Possibly a Christchurch based brand, sold through Farmers - and probably manufactured by Radio Ltd based on the construction, parts used and copper/gold painted chassis (similar to Rolls and Golden Knight chassis').
The 154 model code possibly breaks down as 1-band, 5-valves, 1934 - which would further support the idea of Radio Ltd as the manufacturer - there was a similar Ultimate model, the 514 and Radio Ltd were known to use different sequences for different brands of the same model - the Courier equivalent was the 145.
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