According to the "Chevrolet GMC trucks 1954 maintenance manual from GMC of Canada", the truck should have the new 235, same as the USA model. The engine shown above has the older valve cover.
It could be that someone put the older valve cover on a newer engine (easy to check - loosen the valve cover and see if there are 4 holes for the screws on the side of the '54+ valve cover). Or, it could have an older engine.
Also, it looks like the engine has a spin-on oil filter - interesting.
Tim
