This is a second edition Ye Olde Ash. It has an ash shaft on a macassar ebony butt.
The second edition Ye Olde Ash was made by Burroughes & Watts from the 1930s until approximately 1955. It was the top of the Burroughes & Watts range, described in their own literature as the "cue aristocrat" (although it was not their most expensive cue - that privilege was reserved for the Mannock).
The first edition Ye Olde Ash is very rare. Burroughes & Watts claim to have used old ash from His Majesty's shipyards to make the shaft of the first edition. The shaft on a first edition Ye Olde Ash has a deep dark reddish-brown colour, which is not evident on the second edition.
Burroughes & Watts still used older ash in the second edition Ye Olde Ash. Their trade literature claims that the shafts of second editions were made from 50 year old ash.