9:53 is the amount of time he beat whatever the previous record was. It's difficult to read but I think the record he set was 3 hr 45 mins for 100 miles.
Not so hard to read with my messed-up eyesight, so here's what it looks like to me:
"ON Saturday, March 19th, Bert James lowered the 100-Mile Record by 9 mins 53 secs, setting up a wonderful time of 3 hrs 45 mins 51 secs (subject to official confirmation). Every cyclist will be thrilled bythese wonderful figures. Think of it! Thanks to the help of his Sturmey-Archer 3 speed Gear, James was able to average the amazing speed of approximately 27 miles per hour!
" "A.K" Hub. Specially designed for Road Racing and Record breaking. Ratios 7.24% Increase 6.74% Decrease.
" "A.M." Hub. This Hub is strongly recommended to the Club rider, for Massed Start Racing and Record attempts in Hilly Country. Ratios 15.55% Increase 13.46% Decrease.
"THERE'S A STURMEY-ARCHER GEAR FOR EVERY CLASS OF CYCLIST
"STURMEY-ARCHER GEARS LIMITED, NOTTINGHAM."