It is not possible to say, since it was obviously a trial batch for something and the meaning of that particular marking has probably been lost in the mists of time. It could have been a cap test, powder, bullet, tracer, anything. Unfortunately, these sort of test markings are only recorded by the ballistics people at the time and once the test is finished are of little further interest. Kynoch tended to use bullet tip colours and case head stripes like yours, whilst Enfield and RG often used coloured paint spots on the case head and coloured rings around the bullet. I am sure you must have several examples of these kinds of markings.
One point of interest is that Kynoch usually used ".50" in their headstamps to denote calibre, whereas yours is ".5". I don't think I have seen that on a Browning case before, and would be interested in getting one.
Regards
TonyE