Green’s Dictionary of Slang

polish n.

1. (US) a fool, a synon. for shine n.2 (3); a failure.

[US]‘Hugh McHugh’ Down the Line 93: Sybil was a polish for sure.
[US]Ade Forty Modern Fables 95: Still, the Hotel was not altogether a Polish.
[US]‘Hugh McHugh’ You Can Search Me 15: Say, John! I’m a polish, for fair!

2. effrontery, arrogance.

[UK]Sporting Times 27 Jan. 2/2: It is true that some of the Newmarket trainers used to smile at the polish, or ‘side’ of the late James Jewitt.

3. (N.Z.) fellatio.

[NZ]G. Newbold Big Huey 252: polish (n) Act of fellatio upon a male.
[Aus]R.G. Barrett Boys from Binjiwunyawunya 194: I get the best blow jobs I’ve ever had in here [i.e. prison] [...] One of the screws [...] brings me in bottles of perfume [...] and I swap it with the drags for a polish.
[NZ]McGill Dict. of Kiwi Sl. 86/1: polish, a fellatio; eg ‘Whadya want, sailor, all the way or just a polish?’.
[Aus]R.G. Barrett Leaving Bondi (2013) [ebook] ‘What about blow jobs? [...] Is there any chance of finding a polish in here?’.
[NZ]McGill Reed Dict. of N.Z. Sl. [as cit. 1988].

4. an act of masturbation.

[Aus]Penguin Bk of Aus. Jokes 452: She gives the old chap a ‘polish’.

SE in slang uses

In phrases

boot polish (n.) [which is black]

(UK Und.) blackmail.

[US]Chronicle-Telegram (Elyria, OH) 5 Nov. 21/5: Prosecution witnesses started using terms like [...] ‘boot polish’ (blackmail).

In compounds

nose polish (n.)

(US) alcohol.

[US]A. Baer Two & Three 4 Nov. [synd. col.] Getting a snifter in this man’s town is a tougher job than keeping a crease in a mail order catalogue suit [...] One nose polish bazaar has been turned into a bird and animal store.
shoe-polish (n.) (also furniture polish)

(US) whisky; thus shoe-polish shop, a saloon.

[US]J.W. Carr ‘Words from Northwest Arkansas’ in DN III:i 94: shoe-polish, n. Whiskey. ‘If a man wanted a drink, he called for shoe-polish.’ [...] shoe-polish shop, n. Illicit saloon. ‘Blind tigers used to be called shoe-polish shops.’.
W.G. Davenport Butte and Montana beneath the X-Ray 20: I took a good-sized snort out of that big bottle of furniture polish in the middle [DA].