I don't know when Historic Masters released this record; for whatever reason it wasn't released in 1903, when it was recorded. I wonder if technical flaws were the reason: there's a 'pop' at 1.01 into this transfer where the cutting stylus left the wax for an instant during the recording, and a burst of hiss at 2.23 that looks like perhaps a clump of off-cut wax (or some other foreign material) got trapped between the stylus and the wax, resulting in a rough groove.

This was recorded at Ospedaletta, Italy, in 1903. The original recording had no lead-in or lead-out grooves although a fast lead-out spiral ending in a concentric groove was machined into the metal master at a later date. It ends in a diameter intended for a smaller label than the LP-sized one used on this pressing, hence it ends in the label.
Part of the original matrix information had been obliterated after processing as well.

I can just make out that the obliterated detail is a capital R, just after the written 14-. In the era this was recorded, the Gramophone Co (or G&T as then constituted) had suffix codes for the various 'experts' (engineers) who recorded matrices. R was used on matrices engineered by Belford Royal. F. T. is Tamagno's own initialising of the original wax.
I know the label of this disc says '78 RPM' but I'm aware they recorded records slower than that as a rule. This sounded most natural to me at what worked out to about 73.2 rpm.
I hope you enjoy this; click on the label to hear it.