I think this rusty lantern is a railroad signal light.
It contains a tube with green and red glass fitted inside, which you slide to use. I imagine it probably originally contained a kerosene lamp, but this one didn't. Judging from the shape of the umbrella on top, it seems to have been made in England, but there are no markings or anything, so I can't be sure.
It would be best to have a lamp of the right size, but you can also enjoy it with a tea candle as shown in the photo above.
Railway signal lights