Found this in a relative's estate. I was told that it is a knife sharpener, but the angles are too shallow. I was thinking something like a shear or mower blade sharpener, but the sharpening stone looks to be a fine wet stone. The "file" is also almost smooth. The stone and the "file" can be taken out and rotated.
Keep in mind the animals we shoot for food and display are not bullet proof. Contrary to popular belief, they bleed and die just like they did a hundred years ago. Being competent with a given rifle is far more important than impressive ballistics and poor shootability. High velocity misses never put a steak in the freezer.