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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