Ah right. I just looked at a 21GC spindle from a Twenty and it's similar. The spindle appears to have been cast in the SA foundry and then just machined at the ends, so it's probably an artefact of that process rather than anything with a purpose.
Raleigh BBs are quite weird, 26tpi threading aside. The fixed cup is unique as it has no flange to stop it being screwed in past the edge of the shell, and hits the centre "step" of the shell instead. It was screwed in tight before the frame was painted, and really was "fixed" as far as Raleigh were concerned. These can be a little stubborn to remove, 50 years later.