MLE rifle

[Jc5]

I don't think that's a broad arrow between two T's, but rather a broad arrow inside a serif-U mark. It's another version of the South African ownership markings, of which there were several types over the years. The bottom of the U is not completely visible, so it looks like a T.

IIRC, the U with broad arrow is the earlier mark. The one with the diamond was applied later, after South Africa left the Commonwealth.