Pic of the fork crown would help. My guess is it is Dutch - "Nederland", or maybe Ned was worried about losing his parts.
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N = '96 Colnago C40, '04 Wilier Alpe D'Huez, '10 Colnago EPS, '85 Merckx Pro, '89 Merckx Century, '86 Tommasini Professional, '04 Teschner Aero FX Pro, '05 Alan Carbon Cross, '86 De Rosa Professional, '95 Gios Compact Pro, '95 Carrera Zeus, ‘81 Masi Gran Criterium, ‘81 Merckx Pro, ‘89 Cinelli Supercorsa, ‘83 Bianchi Specialissima, ‘VO Randonneur, Ritchey Breakaway Steel, Rivendell Rambouillet, Heron Randonneur, ‘92 Ciöcc Columbus EL