I first heard this phrase from an ex-signalman sailor from WW1.
Used when a tea trolley was being pushed across the hospital ward, I took it to mean 'If you stay right there you'll be run down'.
Checking with a petty officer R.N. he agreed this was one useage but didn't say what the others were.
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It is a mariners phrase. A warning to someone that what they are doing is likely to have unfortunate consequences.