If you look at the picture carefully, you can see it has spaces for 2 AA batteries.
There is a clip at one end of the battery "space", that one has a red wire.
Notice the black wire that is loose has an IDENTICAL clip? Place it at the other end of that box, directly across from the clip with the red wire.
Now, I would make a guess, the positive end of the battery goes towards the red wire and the negative end to the black wire.
It seems that since there is an enclosure that already fits an AA battery, and the contacts for the battery is there, that it ran off a single AA battery. Try this first.
Also, I do not think that is a speaker, but a horn, with an internal vibrator, further reinforced by the adjustment screw with the locking nut on it.
These are basically buzzers with a diaphragm that makes sound by the vibration. The adjustment is setting the gap of the "points" inside, which is a make and break vibrator.
Greg