Part 1
There was an interesting discussion on stock finishes and the classic red hue of many older walnut stocks. Red root oil or Dragons Blood seems to come up often in historical references and from discussions with a gentleman who has long pass but worked his full career as a gunsmith. He apprenticed at Holland and Holland before and after WW1
As I needed to make up a new batch today I thought I would post my method which is as close as possible to the what the scanty information would indicate.

Supplies
-Alkanet root powder. Available from many distributors that supply goods for making lotions potions and soaps
-1 or 2 Brown glass bottles, 2 or 4 oz size. Available from the same suppliers as the Alkanet root
-reclaimed glass jar with lid, about 4oz, I use a large baby food jar
- Real Turpentine
-A small stainless bowl (pinch bowl)
-A tin can to use as a double boiler just smaller than the pinch bowl
-A hotplate
-2 oz of your favourite stock oil

On the first day I half fill the baby food jar with Alkanet Root powder then fill it up the rest of the way with turpentine. Leave a little space for shaking.
I set the jar somewhere obvious and shake it whenever I pass by for several days

After several days of shaking and steeping I leave it still at least overnight and all the solids settle to a clump in the bottom of the jar. I carefully decant the liquid fraction into the stainless bowl. It's the colour of Merlot at this point.

I then set up my hotplate OUTSIDE (Mrs will skin you if you try this in the garage) Fill the tin can half full of water and turn it on low heat. Just hot enough to maintain a boil. I set the stainless bowl on top of the double boiler can and let it cook off the volatiles in the turpentine. 

This really has to be done in a double boiler setup as you are going to steam off all of the volatiles and as you get close to this point the alkanet will go muddy red/brown if the heat is any higher.