Lyric discussion by luderetragicus 

i believe its about a break up after a long relationship, or finally letting go of someone you held onto a long time. my reasoning:

it mentions "'it' long has arrived". and in every time "it" is mentioned, it has some parallell with a relationship and the context it is used in, implies the end of one:

1.) the gymnast: something very delicate that takes alot of work and practice. the gymnast messes up & falls down, or fails. 2.) the snow: also delicate. comes not so often, but usually 'prayed' for. the cold weather goes along with lonliness. 3.) the bosun: well first off a bosun is "a petty officer on a merchant ship having charge of hull maintenance and related work" (Webster). so the fact that the bosun has lost his compass suggests that relationships can be lost if you dont tend to it.

and the chorus obviously: "you've been slipping away" self explanatory. "the weather will hold/it's been ever so ever so grey." suggests that this was predicted (or that the break up was really recent) and this depression will go on for a while. the 2nd part of the chorus... i have no clue. haha. i'm guess that it's going something to do with what toadtws said. and although these terrible things are happening, all he can do is think about the ex-partner's beauty.

also the lethargicness of the song and some words ("lazy", "long time" & "long arrived", "tarlatan holes") suggest that the break up was dragged out.

"april marches on" suggests that the ex-partner is strong through out this, and moves on well.

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