Manchukuo National
From Wikipedia:

The Manchukuo National Railway was the state-owned national railway company of
Manchukuo. Generally called the "國線" ('National Line'), it was controlled by the Manchukuo
Ministry of Transportation and had its lines primarily in the central and northern parts of the
country. In local newspapers it was simply referred to it as "國鉄" ('National Rail').

Although officially it was a state-owned railway, in reality it was built, operated and managed
by the South Manchuria Railway, and the Kwantung Army frequently intervened in its affairs.
As a result, the Ministry of Transportation only nominally supervised the National Railway.

The insignia of the Manchukuo National Railway
is to the right. It looks to be a cutaway of a
railway tie with a stylized cloud.

Badges with this insignia are quite rare.
'Railroad Protection Medal.'
Manchukuo Emperor Tour of Jiri Province. October 24, 1934. Shinkyo Railway Department.
Hallmarked sterling silver.
Appears to have the same inscription as the badge above, but the insignia has been painted.