Isn't that the cold start idle speed/advance compensator? Looks like the one in your photo is missing some linkage to its controller (assuming that's the dashpot-looking device to the left of it).
See here: http://translate.google.com/translate?h ... sp-ksb.htm
Technically, the whole thing is best described as a fuel Injection Pump, which DOES happen to have a fuel pump (lift pump) inside of it.