Freewheel ?
 

Took this off a 74 Conqureor Ladys bike Ive never seen a freewheel like this. Was wondering why such large cogs and why they are spaced so far apart. :(

Cheaper to fabricate, maybe?

That's the only reason I can think of. There's enough chain wrap in first and second to get away with it. Wonder how much they saved per unit?

The idea was easier shifting .

LWaB is right. The larger cogs were used with touring and recreational riding in hilly terrain. Racers would never use this freewheel. However, the rest of us liked them for easy hill climbing. The “skip tooth” cogs were indeed for easier shifting to larger cogs. These freewheels were put on different bikes in the early 70’s.

LWaB and kerk have it right; Shimano pioneered inch-pitch "skip" teeth on 28T (14T) to 34T (17T) freewheel cogs in the early 1970s because customers couldn't be trained to downshift early and to ease up on the crank torque while changing gears.

I have one exacly like it (shimano) but don't know what it came from originally, it was on my girlfriend's commuter for a while which as a 1980s Norco Sport that had sustained a front end impact at some point in it's life and converted to a 15 speed from a 12, it had a steel triple crank, 165mm, and a 165mm alluminum crank on the left. Still trying to find a decent 165 triple to match up with for her current commuter.