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The references to wrists and tricks with sticks suggest a degree of double entendre which may have helped to keep the song well known enough for the character to take his place in rhyming slang.
You can find more discussion, and the words here: http://mudcat.org/thread.cfm?threadid=30123
Where does the expression He lost his bottle come from relating to losing courage?
(Of course, this doesn't go far in explaining why losing one's nether regions should be equated with chickening out but it's a start.)
"Bottle and glass" (CRS) makes the most sense on that link.
It is certainly medically recorded that great fear can lead to accidents.. .. .. .. .. ..