Fish...
The device where the handles located is a multiplier system utilizing a planetary gear drive setup. On my Hardy's the gear ratio is 1:1.3.
If you decide to clean the multiplier be very careful in dis-assembly. The ball bearings are "loose" in the race and will escape never to be seen again. I clean mine over a heavy cookie sheet. Bearing replacement requires a jewellers touch and a tiny bit of grease to keep them in the race till assembly is complete. If I recall correctly, no other lubricant was required or needed. The components other than the outsize aluminum case are some type of fibre material and they may be prone to oil/grease destruction.
Hardy's are prized by their owners. Many Hardy reels are now <> 50 years old and are being fished by generations of anglers.
Mind you, the sale of the Hardy may get you enough cash to buy a cheapie rod/reel/line. Watching
http://www.ebay.com/bhp/used-hardy-fly-reels will give you a understanding of the reel's value.
Regards,
Don