Reef
. He must take in a reef or so. He must reduce his expenses; he must retrench. A reef is that part of a sail which is between two rows of eyeletholes. The object of these eyelet-holes is to reduce the sail reef by reef as it is required.
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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.