The story
* (coded warning): Originally used in shearing sheds; later extended to other normally all-male environments, such as some pubs.
Etymology from Wiktionary, CC BY-SA 4.0.
Today it means: A coded warning used by men to alert each other that female guests ("ducks") are present ("on the pond"), so that for politeness they should moderate their language. Full definition →
* (coded warning): Originally used in shearing sheds; later extended to other normally all-male environments, such as some pubs.
Etymology from Wiktionary, CC BY-SA 4.0.