Don't know what's available on the shelves in the old country; here in the colonies, there are a half-dozen or more different liquid lubricant products available in small bottles labeled '3-in-One'.
We're probably discussing the original product, now labeled '3-in-One Multipurpose Oil', these days wearing a black and white label. This debuted in 1894 as a bicycle chain lube, promising to 'clean, lubricate and rustproof', i.e. three benefits in one product. It's one of the very oldest cycling products one can still buy (although I can't promise the formulation has remained the same over the last 125 years.)
As a chain lube in 2019, well, perhaps damning with faint praise, but you could do worse.
3-in-One Motor Oil, bearing a blue and white label, is a fair stand-in for those little bottles of Sturmey-Archer Cycle Oil of yore.
As Americans replaced their bicycles with Model Ts, 3-in-One's marketing department had to convince everyone that the little bottle of 'chain oil' they had in the shed was good for all types of things. From 1935: