Special Brew could well be right I know he has plenty of good experience with this aircraft type in the past. - But the logic does not follow for the second box down. I think, and please be aware this is a 25khz spacing setup from many many years ago (in the UK where I worked we moved to 8.33 some time ago). I think the lights are power lights, the small VOL knob served as an ON/OFF switch and that caused the light to come on. The placard above the lights says ON, and I think that deals with the lights and the Xfer placard deals with the switch.
Hope this helps, but its only what I remember.
The Doc