The #1053 Color Cone Cadet is not found in any known catalogs or other sources. There is one in the Ronald Simkoff Collection, which is in the original box, and appears to date to 1936-1937, based on the Type 4a decal. It is from this example that we know the name and toy number.
Ronald Simkoff's boxed example consists of 9 separable parts, while this one consists of 10, though there is evidence that the blue ring is not original (it has virtually no wear, appears to be a type of paint used post-WWII, and has a slightly larger hole).
There are six parts in common between the two toys, though even those are not exact.
The major differences (besides the presence of the blue ring) are
1) that the boxed toy has a blue hat, and a single red conical ring, while this one has two of the latter, one of which is likely the hat
2) the boxed toy has a white ring, while this example has two yellow rings, one conical and one straight.
Minor differences are:
1) minor differences in the painting of the head
2) an additional curve on the large end of the blue "trousers" piece
3) the presence of three buttons on the chest (to the boxed toy's two)
4) the presence of yellow sphere "hands", where the boxed toy has unpainted turned stubs (are the balls missing?)
5) the absence of metal pins on the shoulders and cuffs, which are present on the boxed toy
6) possibly a difference in the attachment of the arms: they are simply nailed on this example, but appear to use wooden pegs on the boxed example (?)
Interestingly, the center shaft is simply press-fit into the green base, not threaded. There is also an unexplained remnant of green paint over the red at the bottom of the shaft.
Based on stylistic features, I believe this toy is contemporary to Holgate #1055 Fairyland Queen (type 1), incomplete (also compare to the earlier Holgate #1055 Fairyland Queen (type 1), Type 2 decal and later Holgate #1055 Fairyland Queen (type 1), Type 4a decal). There is no evidence of it having had a decal.