It will handle modern smokeless loads in low quantity in .32 S&W only.
+1. I would like to add a mandatory warning statement that I should have mentioned earlier.
DO NOT EVEN THINK ABOUT USING .32ACP (aka .32 Auto or 7.65mm Browning) AMMO IN THIS GUN!! IT IS NOT SAFE!! DO NOT LISTEN TO ANYONE WHO TELLS YOU OTHERWISE!!
This cartridge is far more commonly available and generally less expensive than .32S&W, and it will usually chamber and function properly in these guns, albeit with occasional problems caused by the undersize case rim. However, it operates at substantially higher pressure than .32S&W. Older top-break revolvers categorically aren't very strong, and .32ACP may blow the gun apart, catastrophically damaging it and possibly causing serious, permanent injuries to the shooter's fingers and eyes.
Unfortunately, some people seem to believe that using .32ACP in these guns is OK, sometimes because they've tried it a handful of times and been lucky, or because their friend's cousin's auto mechanic's uncle's Army buddy did it. THIS DOES NOT MAKE IT SAFE.
DON'T DO IT.