Lyric discussion by StampingJack 

For me it always sounded like a general old-timey advise. Back in the days, ferryman, especially in mire secluded regions were said to extort a lot of money from unsuspecting customers. Their trick: stopping halfway and demanding a second pay for completing the journey, possibly stranding their customers on an island half-way.

In the song Chris de Burgh even warns against fixing a price (he could raise at hakfway-point). And his ferryman actually does demand the pay early, citing potential "trouble" ahead.

I never got a dead soul-vibe though...

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