Lyric discussion by BlueCoyDog 

Cover art for Low Spark Of High Heeled Boys lyrics by Traffic

sleepnot you/ve got it right except that "boy" and "girl" are backwards. You are also right about "gun." One more addition to this interpretation. One way that dealers had to contend with customers who fell too far behind was to include a fatal addition; hence "the gun that didn't make any noise." This does not mean that he didn't also mean record executives. Lyrics often had multiple layers of meaning, Ian Anderson being a good example of that.

My Interpretation