Donald Qualls
Subscriber
it is probably a labyrinthine type which doesn't need any felt as light cannot turn enough corners
Lloyd style loaders have a labyrinth light trap, but still have felt -- it both makes the light trap more effective (by absorbing light that would otherwise be reflected or scattered, thus reducing the number curves needed) and reduces scratching by giving the film a soft surface to rub against instead of hard molded plastic (classically Bakelite, which was reinforced with fumed silica or glass fibers). Watson type have no felt, because they use a gate that opens and closes to allow the film to pass, or to protect it from light.
Based on the auction photos linked above, this King loader is a Watson type, but folded to resemble a Lloyd in shape.