What the....... is this?

Looks like a sensor of some sort. Could not read the fine print untill I took this macro photo.
Have been googling for this part
S 49E 937
but cant seem to find any information.
I also checked what it could be measuring and I have discovered that the metal ring and moving part of the throttle actually is magnetised. So How would this work?
Jerry, you've discovered the Hall effect sensor, which is used instead of a variable resistor.
Being solid state, there are no moving electrical parts to wear or suffer from poor contacts. This means they are generally more durable and reliable than a conventional variable resistor
(potentiometer).
A Hall effect sensor is a transducer that varies its output voltage in response to changes in magnetic field
The three connections are +5V
(Red lead), 0V
(Black ground lead) and signal out
(White lead).
Twisting the throttle simply moves the magnetic field closer to the sensor, which causes a higher signal voltage to be sent to the controller.
Alan That part resembles the honeywell ss49e. Often they Chinese make duplicates of the original part and name them almost the same.
http://sensing.honeywell.com/index.cfm?ci_id=140301&la_id=1&pr_id=128770In your throttle it is horizontal yet the data sheet states the gauss is vertical from back to the front of the package.
With the answers more questions arise.
I am reading they may require a biase magnet or something but I am failing to find any such thing.
Maybe the effect of N S on the front of the package is enough to alter the resistance.
I think the sensor only detects changes in magnetic field and as it was at 50%
I think they latch the resistance to the last gauss field.
-1000 to 0 gauss = 0v to 2.5v
0 gauss it half throttle.
0 to +1000 gauss = 2.5v to 5v
Also 0 gauss = half throttle. no magnet on a powered throttle hall will allow half the input to go to the output
I do think if you were to remove the magnet a powered hall remains at the last state due to N P polarisation of the medium.
Not sure really but from memory I had an incident where the throttle handle came off in my hand it latched.
Remove positive input and no output
Remove the ground input and you get full output.