Although 'BN' became the monogram for ROF Blackburn I don't think it was officially changed until 1965. Prior to this it was 'BE' Blackburn, East Block, BW - Blackburn, West Block, BUS - Blackburn, US time mechanism (war time only).
By 1947 mark numbers were shown as Arabic numerals, not Roman.
The 199 was a time fuze.
A photo of the base would be of interest. The 199 was an igniferous fuze and if used in an HE shell would have required a gaine to detonate the main charge. The 199 normally has a flush plug to an internal powder magazine. This example appears to have an external 'C.E. pellet' style magazine, but appears not to have a screw on cap. One would also expect, that the cavity that was once the powder magazine to be modified to accept a safety device.
Are the time rings alloy or coated brass?
TimG