Classic arrangement for a one pickup, one switch, one volume and one tone pots. Pots are stacked on the H42 Newport. The switch is a tone bypass : when it is open, on the down position (from player point of view), the tone pot do nothing.
From what I read on the color code below, the "bumble bee" cap should be 100000 pf = 100 nF = 0.1 mF (100 nanoFarad or 0.1 microFarads). We may suppose the pots also have the same value than those on the H44, ie 50 kilo-ohms (not the"usual" 500k)
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