Re the ferrous battery correction on the Sanwa VOM...
D'arsonval meter movements can have an external magnetic field and hence the meter accuracy can be degraded with nearby magnetic objects.
If you look at old catalogs of panel mount meters, you can sometimes find two versions, one calibrated for non-magnetic panels and one for magnetic panels. I believe most modern D'arsonval movements are shielded internally, at least the more expensive ones, and hence are suitable for magnetic or non-magnetic panel mount.
If you remember, some dry cells included a steel outer jacket - I think Ray-o-Vac featured that construction in the USA, claiming it reduced damage from leaking cells and I assume you had something similar 'down under."
I believe that Sanwa has intentionally added a ferrous battery holder so that whether a steel jacketed or non-jacketed cell is used, the meter movement always sees the same magnetic environment, with the leakage magnetic field dominated by the ferrous battery holder.
It's possible the battery holder is something more exotic, such as mu-metal, but I suspect it's steel.
It's a nice touch to maintain accuracy where the meter movement is unshielded, or imperfectly shielded.