Late 40's, more likely early to mid fifties. The wheels are most definitely not original, would have been low flange steel to alloy tubulars. The front clanger would have likely been a hand and lever (no cable) operated simplex, the one with the "acorn" atop. The back derailleur looks a 35" LJ simplex ? Heavy but good :)
You can try and ignore the writing and look at the pics for something same period at http://membres.lycos.fr/
Nick March, Agen, 47000 Lot et Garonne, France
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