The 38 is either the size or the caliber of the loops-if the belt & holster were made together then the cartridge loops should obviously be .44 caliber.
I pulled the 732 information off of a Gun Size Chart from 1/1/89.The 1990 price list quoted below was in use after the George Lawrence Co. sold out to Gould & Goodrich,moved to North Carolina & became the Lawrence Co. The old stamps on belts & holsters said the George Lawrence Co.;
subsequent stamps said the Lawrence Co.Since your rig is stamped with the model number 79 it was almost certainly made by the George Lawrence Co. as the model numbers changed.Retail price for a model 79 (new model # 3579) lined cartridge belt in 1990 was $115.95.The model 79 (3079) holster retailed for $103.95.This isn't necessarily an accurate reflection of current value.The Gunslinger rigs are well made-I have one made for a pre-model 27 S&W in about 1950 that looks like new.
Regards,
turnerriver

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turnerriver