Action/Receiver Canvas Cover Attachment

[Alan de Enfield]

Second, was this small ring used for any other purpose?

It was originally used for the chain holding the magazine.
In the 'early days' the magazine was chained to the action to stop it being lost, the magazine could be simply 'swung' into place. Once the idea of the 'chained' magazine was dropped the 'loop' was a carry-over which when it was found the the action cover could be tied to it was retained.