This account comes from Reminiscences of Travel in Australia, America, and Egypt,(1884) by Richard Tangye

Being a month at sea the sailors performed the ceremony called " Burying the Dead Horse," the explanation of which is this: Before leaving port seamen are paid a month in advance, so as to enable them to leave some money with their wives, or to buy a new kit, etc., and having spent the money they consider the first month goes for nothing, and so call it " Working off the Dead Horse." The crew dress up a figure to represent a horse; its body is made out of a barrel, its extremities of hay or straw covered with canvas, the mane and tail of hemp, the eyes of two ginger beer bottles, sometimes filled with phosphorus. When complete the noble steed is put on a box, covered with a rug, and on the evening of the last day of the month a man gets on to his back, and is drawn all round the ship by his shipmates, to the chanting of the following doggerel:

Oh! now, poor Horse, your time is come; And we say so, for we know so.
Oh! many a race we know you've won, Poor Old Man.
You have come a long long way, And we say so, for we know so.
For to be sold upon this day, Poor Old Man.
You are goin' now to say good-bye, And we say so, for we know so.
Poor old horse you're a goin' to die, Poor Old Man.

Having paraded the decks in order to get an audience, the sale of the horse by auction is announced, and a glib-mouthed man mounts the rostrum and begins to praise the noble animal, giving his pedigree, etc., saying it was a good one to go, for it had gone 6,000 miles in the past month ! The bidding then commences, each bidder being responsible only for the amount of his advance on the last bid. After the sale the horse and its rider are run up to the yard-arm amidst loud cheers. Fireworks are let off, the man gets off the horse's back, and, cutting the rope, lets it fall into the water. The Requiem is then sung to the same melody.

Now he is dead and will die no more, And we say so, for we know so.
Now he is gone and will go no more; Poor Old Man.

After this the auctioneer and his clerk proceed to collect the " bids," and if in your ignorance of auction etiquette you should offer yours to the auctioneer, he politely declines it, and refers you to his clerk!