The sheep shank is used to shorten a rope if you dont have access to the ends.
The rope is folded back and forth into a zig zag and a half hitch is put over each end. Make the half hitches by twisting the running end of the rope in one hand and push the end of the zig zag loop through it. As you can imagine, it's not the most secure knot if let the tension off it.
I expect the name did originate in the West Island of New Zealand.
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