Don't know what that fibrous crap is from here but the rest is grease. According to our Peter Laidlericon and several of the other old hands here the grease is to be slathered on under the wood for waterproofing. Guess that would be your call. Definitely a bath in volatile mineral spirits first though. The wood will need some care and there's entire threads here dedicated to care of #4 lee Enfield wood...after bath care... Work slowly and do some reading here...