I think I have found a reference to your bike http://www.classiclightweights.co.uk/bi ... ts-rb.html
the author mentions a late falcon which was the Ernie Clements signature model.
It would explain all - modern looking transfers for EC. Not a mystery after all - it is what it says on the tin. I bet there aint many of them about either.
I feel good and it isn't even my bike. Anyway, Clements is such a great name with such amazing cycling success. Ernie Clements, Ron Kitching and Percy Stallard were three of the star line up for the 1946 TDF ( had it happened).