a cutter for removing chips from wood has a rotary carrier whose peripheral surface is formed with rearwardly and inwardly inclined recesses for permanent magnets which attract plate - like blades having cutting edges which extend radially outwardly beyond the peripheral surface of the carrier . the blades consist of magnetic material and are attracted to the permanent magnets . the magnets have dovetailed projections extending into complementary grooves of the carrier . each blade is urged against the respective magnet by a spring - biased wedge in the respective recess , and the inner edge of each blade bears against a plate - like abutment which is attracted to the respective magnet .