Algerian  Suggested by koeiekat 

There are some similarities with the Algerian when condensed.

Hi koeiekat - that was my initial feeling, however the R and O letters are quite different. I am sure it is a proper font, but I have no idea where to look for it. It's probably a weird collection somewhere?!

The ff, right top, suggests it mat be a fontfont thing but I have not been able to find it there.

I think its lettering. Note the different terminals on _E_ in _THE_ compared to the _E_ in _WATERLOO_. Also the different top serifs on _A_ in _WATERLOO_ compared to the _A_ in _BRIAN CATHCART_.
Repeating letters that do match can be explained by the use of photo repetition.
The letters have style details from the late 19th century plus some modern ideas such as the _O_ which was first used in a Photo-Lettering font called, IIRC, TV Gothic.
However, it would be interesting to list the fonts that were ripped for the style details.
Don

Hi, thanks for this. Do you know where I can find IIRC, TV Gothic? I've been Google-ing it for some time...
Thanks

According to the Photolettering "Alphabet Thesaurus" Sill "TV" Square Gothic_ was designed by G. Reed Sill Jr.
AFAIK not digitized.
Here is an example of Sill_TV_Square Gothic in use

Also

Don