The Collaborative International Dictionary of English v.0.48:

Log-chip \Log"-chip`\, n. (Naut.)
   A thin, flat piece of board in the form of a quadrant of a
   circle attached to the log line; -- called also log-ship.
   See 2d Log, n., 2.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Log-ship \Log"-ship\, n. (Naut.)
   A part of the log. See Log-chip, and 2d Log, n., 2.
   [1913 Webster]