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You put an idea in my head, Belmont Road. Maybe E.U.&M. was not a railway but a pottery? There were hundreds of potteries around the Stoke area in those days, mostly unknown today, so I've had a look and found a company called Ellis, Unwin & Mountford, who then teamed up briefly with somebody called Taylor, according to their entry in the London Gazette.
I think that's solved my problem - thank you - but you've raised a new hare: whether these mugs were principally made for an overseas market. I have no idea about that, but I can promise you that mostly they sell for next to nothing!
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