I think it has something to do with fishing. .. the two leather hooks are meant to protect a surface, and they hook on to it, like the side of a boat or something. ... and you could hang the lanturn on the ring.
OK .. it has something to do with shit .. but nor for "horses" ... so it has something to do with an Ass. hmmmmmmmm ?????
A thingy you hold a cows mouth open while you do dental work??? .. .ok .. I"m just shooting in the dark here.