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To pull up an empty fishing net.
It has also come to mean, "a waste of time or effort", in the Canadian Province of Newfoundland and Labrador. Very popular with St. John's cab drivers referring to a no-show fare.
Cabbie: Car four here. I've been waiting ten minutes for that fare at the hotel, it's a waterhaul.

Cab Stand: Ok, there's one at the airport.
by nfkiller June 11, 2008
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