Cockney Rhyming Slang for 'skint', i.e. broke, penniless. It comes from boracic lint, which presumably was once a lot better known for medical purposes than it is now.

Bo*rac"ic (?), a. [Cf. F. boracique. See Borax.]

Pertaining to, or produced from, borax; containing boron; boric; as, boracic acid.

 

© Webster 1913.

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