The inscription means "balsam lucatelli."
“Take of fine oyl of olives and Venice turpentine each 4 pound, yellow wax cut thin 2 pound and half; melt them together, and add dragons-blood in fine powder 2 ounces, and mix it into a red balsam. ... The dragons-blood gives a much better colour than the saunders, which is in the other; and if either have any virtues suitable to the whole, this bids the fairest; and will also much better mix therewith, because it in a manner dissolves in the oyl. It is used both inwardly, in all suspicions of internal ulcerations, and externally as a digestive." See Pharmacopoeia pauperum.