I'd expect the cloudy setting to be the larger lens opening, Andre -- f/8.8 is about right for a camera intended to use ISO 100-125 film with 1/60 shutter down to, say, "Cloudy Bright" conditions, while f/16 would then be correct for "Sunny" -- those differ by 1.5 stops. The f/22 would be right for Sunny with ISO 125 and 1/30 shutter; simple cameras are almost always designed to overexpose by one to two stops in Sunny conditions, in order to allow for users being optimistic about what constitutes "open shade" or "cloudy bright" conditions.
I'd say start with ISO 100 or 125 film, shoot the smaller opening in sun and the larger in cloudy, shade, etc., and see what you get.
Thanks, I should have caught that obvious aperture error

I will try a roll of 100 something, and see how it goes!