Subtitled: The New Mechanical Race Game
This is a children's version of the many mechanical horse racing games popular for the last 200 years. This one was manufactured in England by Glevum Games. The game involves pulling the horses in a jerky action to propel them forward. The horses are mounted on flat metal stand that are attached by metal clips to the table. Instructions are printed in the lid.

Because it's a children's version, it doesn't include the wagering common in most games of this type.