The Collaborative International Dictionary of English v.0.48:

Parcel \Par"cel\, v. t. [imp. & p. p. Parceledor Parcelled;
   p. pr. & vb. n. Parceling or Parcelling.]
   [1913 Webster]
   1. To divide and distribute by parts or portions; -- often
      with out or into. "Their woes are parceled, mine are
      general." --Shak.
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            These ghostly kings would parcel out my power.
                                                  --Dryden.
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            The broad woodland parceled into farms. --Tennyson.
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   2. To add a parcel or item to; to itemize. [R.]
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            That mine own servant should
            Parcel the sum of my disgraces by
            Addition of his envy.                 --Shak.
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   3. To make up into a parcel; as, to parcel a customer's
      purchases; the machine parcels yarn, wool, etc.
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   To parcel a rope (Naut.), to wind strips of tarred canvas
      tightly arround it. --Totten.

   To parcel a seam (Naut.), to cover it with a strip of
      tarred canvas.
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The Collaborative International Dictionary of English v.0.48:

Parceling \Par"cel*ing\, n. [Written also parcelling.]
   [1913 Webster]
   1. The act of dividing and distributing in portions or parts.
      [1913 Webster]

   2. (Naut.) Long, narrow slips of canvas daubed with tar and
      wound about a rope like a bandage, before it is served;
      used, also, in mousing on the stayes, etc.
      [1913 Webster]

WordNet (r) 3.0 (2006):

parceling
    n 1: the act of distributing by allotting or apportioning;
         distribution according to a plan; "the apportionment of
         seats in the House of Representatives is based on the
         relative population of each state" [syn: allotment,
         apportionment, apportioning, allocation, parceling,
         parcelling, assignation]