I own a Webley that is pretty much just like the one in your picture however mine has wooden grips.
I haven't shot it a lot, but I have put several hundred rounds through it over the years and it seems to be a very good shooter. Although I am an avid reloader, I have never reloaded .38 S&W. I just buy whatever .38 S&W factory ammo I happen to see in the stores. A couple years ago, when any kind of ammo was very hard to find, I used to go to my local Cabellas store and the shelves were bare except for some of this more obscure vintage military stuff, so I just sort of impulse bought some various factory ammo for these guns that I don't shoot a whole lot and ended up shooting them a bit more than normal. I had plenty of ammo for my normal line-up of guns but used this as an excuse to take some of these relics out and get them a little exercise.
I used to shoot in vintage military rifle matches and they would also have one stage where you used a vintage military pistol. What I shot varied, but I did use the Webley in .38 S&W quite a bit. The stage was always shooting at a steel plate at fairly close range and it was a timed stage. So with the almost non-existent recoil of the .38 S&W, I would fire the six rounds in a couple seconds with easy hits on the plate. More recently, I shoot indoors during the winter and usually at least one evening during the winter I take the Webley and run 50 rounds of factory ammo through it on bullseye targets and at the short range we shoot, it shoots as good as anything else I own. It is kind of fun in that if someone doesn't know much about vintage military firearms, I can sandbag them because they look at it and think it is some cheap junk gun and then I easily out-shoot them with it.
I always get a laugh out of the finish that is on that gun. It looks almost like spray paint. Of course today, these kind of finishes: Duracoat, Cerocote and things like that are common and this isn't much different. I have no idea what it actually is.