I believe the system was called Flashmatic by Olympus. It presumes you have an electronic flash that does not have an auto exposure eye.
Early electronic flash were modelled to replace flah bulbs, and who ever thought to turn off a flash bulb half way through ingniting it?
So photographers were familar with guide numbers for flash. Guide numbers came (and still do) in feet and meters, and were specific to the spped of film being used, although with electronic flash the guide number that the flash was rated by was based on an iso 100 speed film sensitivity.
The numbers you give indeed suggest meters. When put into auto flash mode, the camera's shutter speed is set at 1/60th or something similar, and the focus distance drives the aperture used.
Say you have a GN20 (M) flash. Set the 'flashmatic ring' to 20, and then as you focus to 4m, the aperture will effectively be f/5, or 2 m, set to f/10 etc. You see, a flash guide number is the product of aperture and distance to give the correct exposure for a given film sensitivity. Soime settings will prevent a close in focussing, since the aperture can only go so small ( like f/22) and thus too much light could be getting to the film at short distances.