Very rare Canadian water-cooled 2-stroke marine engine, complete except for the non-original Holly NH carburetor that came with it when I found it (these were commonly used replacement carbs on marine engines of the period). Compression is excellent, timer functions perfectly, water pump is good. Lots of brass and bronze here.
This is some of what I have gleaned about it: bore & stroke are about 3"x21/2", it runs at 800rpm, it weighs 55 lb. and develops 11/2hp. I think that this information is accurate.
I haven't run this engine; I'll leave that pleasure to you.
Will sell outright or trade for model gas engine (not aircraft, though) or car tow dolly.