I would imagine that it shoots about like a Chief's Special.
As an aside, I have a gun that was used by the Royal Hong Kong Police. It is marked on the barrel as .38 Colt New Police -----.38 S&W Ctg. It has the tropical finish and a lanyard loop.
It is really a pretty cool gun.
It is an I-Frame/Pre-J-Frame .38SW 5-shot revolver with 4"bbl and squarebutt grip. You can only shoot .38sw cartridges out of these, and would warn against trying to modify to shoot .38spl. Depending on its condition, when it was made, it is considered somewhat collectable.
I would say it is impossible to try to shoot .38 special in it. the h&r I had wouldn't begin to let the longer cartridge in the cylinder, lol
I say trade it unless you just like playing with it. ballistics on that cartride are about 500fps. but still better than a sharp stick, but you get the picture.