This projector is a big one, probably used for external exhibitions.

The source of light is provided by four lamps using mineral oil. A long chimney (more than 50 centimeters) is providing fresh air to this aparatus.
A key within the pipe of the chimney allows to adjust the draft.

The lens has a special slot for a pierced ring. This was used to adjust the aperture according to the luminosity wanted.

The image focus can be adjusted by rotating a knob which is moving a rack-and-pinion gear linked to the lens.

Usually projected images were figurines painted on glass plates.
These last ones had to be mounted in a wooden frame prior to be inserted in the magic lantern.
In order to amuse the audience between two projections, the projectionist was sometime using a kaleidoscopic image. Illusion of the rotation of the image was given by the operator turning a handle.

By chance, I found this magic lantern with its original user manual.