This is a simple Course Deviation Indicator gauge, used in air navigation, with VOR stations (VHF Omnidirectional Radio Range). You select the radial by turning OBS (Omni-bearing Selector) knob, at this case that is 62 degrees east for the local magnetic north. The needle indicates more than one degree deviation from R062 radial. FR flag shows that if you are flying away FRom the station, then the selected radial is at the right hand of you, so now you are on the radial 061. To understand TO/FR flag see VOR Course Deviation Indicator explanation.gif.
Own work
Fred the Oyster