The label shown here *might* say LNER - or something else - size of each label is about 13 mm wide by 18 mm high. Does anyone here know what it is?

Many thanks for any help you can provide.
Here is how I work it out:
The letters on the left are N and L - I don't think there's any question about that.
The two letters on the right are tricky, though. The large one could be an R or an A.
I think it's an R, but I could be wrong.
The smaller letter on the right could be an E or a C. I have a slight leaning towards E,
because the cross bar of the R extends beyond the leg of the R to form the cross bar of an E.
But it might be a C.
Combining all of those options in all reasonable ways, I get the following sixteen letter combinations:
NLAC, NLAE, NLRC, NLRE, LNCA, LNEA, LNCR, LNER, NCLA, NCLR, NELA, NELR, LANC, LRNC, LANE, LRNE
The only one of those that means anything to me is "LNER."