Large bottles like this are known as demijohns or carboys. They were used for bulk transport of liquids - it could have been anything from spring water, bulk chemicals, who knows. It is possible that the bottle does date from 1940 - although in general one should not automatically assume that a 2 or 4 digit date-like number on the base of a bottle is indeed the manufacture date.
Looks like this one could be 5-6 gallons. Start saving your spare change in it...will make it a lot more valuable!
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Looks like this one could be 5-6 gallons. Start saving your spare change in it...will make it a lot more valuable!