According to Doyle's "Standard Catalog of AF Trains", there are two nearly identical sets with this engine and cars: set 4611 sold in 1946-47 and set 4611A sold in 1948-49. The transformer doesn't appear to be the original with either of these sets. I'm inclined to agree with Tom that its probably the 4611A set, however, Doyle sez that the Hudson loco with that set was marked 322AC. Not sure that's actually correct, as the 322AC is listed as being produced from 1949-51. Just to confuse things a bit more, there were three variants of the 322, the first two (1946 and then 1947) had SIT while the 1948 version had SIB (all this according to Doyle). However, its certainly possible that the early versions of 4611A might have shipped with the 1947 model of the 322 (SIT).
There are two other distinctions between the two sets. First, (again, according to Doyle) 4611 had a 705 uncoupler, which was the black bakelite uncoupler incorporated into a track section (all one piece), while 4611A had the separate 706 uncoupler with either a yellow or green metal cover (as shown in your picture). The second feature is the early model 716 side dump hopper car had the electrical contact inside between the wheels that matched the track section where the matching third rail was inside - between the two rails. The later model car (which Doyle sez was produced from 1947-51) had the more familiar third rail pickup that stuck out from the truck frame to match the 712 contact rail mounted outside on a normal piece of AF track. So take a look at where the pickup is on the 716...
Of course, all this assumes there wasn't any mixing and matching going on, either when the original set was shipped or later by the owner(s). All of the above notwithstanding, you do have a very nice set that seems to have survived time quite well - no obvious paint chips, etc.