The rod finish on bamboo rods was almost always spar varnish due to it's excellent water resilience and flexibility.
The finish was usually applied to the entire rod, after all of the guides were attached, by dipping the rod in a tube containing varnish. Of course, it's not as easy as it seems to obtain excellent results using this method.
If you are serious about keeping this in as "vintage" condition as possible, do your best to locate a bamboo rod maker/repairer that has been around a long time and have him/her do the work for you. Some of those old Grangers are worth a lot of money, especially if you have all of the components in original condition (rod, bag, tube). You wouldn't want to mess it up by having someone with limited knowledge dink with it. I believe that Glen Brackett's new company, Sweetgrass Rods will repair or refurbish any model of bamboo rod. Being as Glenn was the primary maker of Winston bamboo rods for several decades is all of the introduction you should need.
Sweetgrass Rods
Hope that helps,
Buzz
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