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Elbow – Grounds for Divorce Lyrics 15 years ago
i agree that 'the compass' is his watch - his watch is able to both direct him to the pub, (by showing him the time, so he can know when it's open), and direct him back home (by telling him it's late, and he's been drinking for hours/days). However he doesn't want to go home, so he conceals it from himself - i.e. he keeps it up his sleeve

This dual meaning is reinforced when he says he keeps polishing it, he's referring to the material of his sleeve rubbing back and forth across the watch face both as he repeatedly raises his arm it to check to see if it's opening time yet, and also as he later raises his glass to his lips each time he takes a sip.

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