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On the other side of the handle of mine, there are three dots, made with the same technique of the letters. But I think it's just for an aesthetic reason, unless three dots at a consistent distance...

All this now makes me wonder what the numbers and letters on my Pipe can mean... :)

Thanks for the link, so I could save the pic!
According to the blade shape and scales material, I would say your razor is older than WWI.
Just a suggestion: couldn't the RPA have been branded by...

I just saw few days ago on Ebay a letter sent by some ministry to a Sheffield association of razor smiths, to encourage them to collect old razors from the people to send them to their soldiers...