Quey calves are female calves, which should be kept and reared for cows. Calves for the butcher are generally bull calves. The proverb is somewhat analogous to killing the goose which lays the golden egg. (Danish quie, a heifer.)
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Entry taken from Dictionary of Phrase and Fable, edited by the Rev. E. Cobham Brewer, LL.D. and revised in 1895.
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