Old Paddle Strop, Removable End

Folks,

This is an old French paddle strop belonging to a friend of mine. He noted that the handle cap is removable, and asked what it was for. I’m 90+% sure it was to hold a bit of paste for the strop, but thought that I ask wiser people than me! Am I right?

 

Makes sense to me.

 

Paste was my first thought, when I saw it.

 

Yup.