This is a wind up metal toy that moves along the surface while blowing air out of the trumpet with a little foam ball. Yes it still works fine as you can see in the pic. On the back it says made in Japan by KO. The last pic but my camera is having difficulty in focusing on it.
Now the story how i acquired it is interesting to say the least. I got from my mates uncle. He is David Bowden the Australian Muscle car collector. He was a opportunist and must have purchased a heap of these. This was over 20 yrs ago. No scratches and works perfect. I always store it with no wind up pressure on the stop mechanism . Toy is made in the 1950's.



More info here.
http://www.ebay.com/itm/VINTAGE-1950S-TIN-WIND-UP-AIR-BLOWING-CIRCUS-CAR-KO-TOYS-JAPAN-WORKING-2-/230981494939?pt=Vintage_Antique_Toys_US&hash=item35c791e89b&nma=true&si=YqzghrS3Krv%252FKUHomJTAnsiBHt0%253D&orig_cvip=true&rt=nc&_trksid=p2047675.l2557