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I'm an American, and I think most Americans would recognize it as meaning "bullshit"; I certainly did. it's not commonly used but it is commonly understood.

I'm an American; it strikes me as an overloaded expression, used to imply both "bullshit" and "testicles", plus whatever the Sex Pistols were on about in their album title...

... yet in C. S. Forester naval stories, it clearly refers to steers or bulls.

So, I can only conclude that it is a random operator used to confuse colonials.

Not Canada either but def Australia