During the 1920s and 30s the T&G Mutual Life Assurance Society had a building in many cities and regional centres around Australia. As can be see from this thread on www.skyscrpaercity.com they often had a clock tower bearing the T&G letters with a stepped pyramid on top supporting a flagpole. In many cases they were the tallest building in town.
Horsham was no different and in this case the T&G lettering forms the clock face and is cut out from the wall of the tower.
I'm really enjoying your blog. Great to see some Australian deco content.x
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