I doubt if anyone knows for sure what Powderfinger is about. The approaching white boat seems to represent some kind of authorities this 22 year old boy has a reason to be afraid of. He faces alone a situation he is not ready for. He should be running, but instead he makes a brave but futile attemp to fight back. Then either his gun backfires, or he gets shot from the boat, and he goes on contemplating his own death. This much is quite clear, but the last verse goes cryptic. What does "shelter me from the powder and the finger" mean? Try googling "powderfinger lyrics analysis" and you find endless discussions about the meaning. The story is told in such a vivid way that you think it must be based on some true story, or at least that the historical facts should be correct, but maybe that is not true. Perhaps this is one of those songs that you should take by feeling. Great song though. And a very sad one.