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It was the 8 x 50R Mannlicher cartridge, same as in the original Mannlicher Model 1895 rifle / carbine.

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Years back, long before I had any idea what I was looking at, I remember a LEE sporter in, I believe Alfred Gallifent's basement shop, that had the barrel marked as a 500/320 NE. It stuck with for what ever reason. Sounded cool. Only recently thru a Farq/Henry/Fraser collecting friend did I find out that the 500/320 is the 8x50R.