There isn't really a meaning behind it It was just significant because it was sung every time they were killing a pig.
Perhaps it symbolizes or foreshadows their gradual change to savages.
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The chant symbolizes the boys' blind emotion and the evil that is within them. When chanting, they loose a grip on reality, all the morals and values they once had are lost.
They chanted "Kill the pig! Cut her throat! Spill her blood!" after Jack makes his first kill.
"The boy with fair hair lowered himself down the last few feet of rock and began to pack his way towards the lagoon."
The chant is "Kill the beast! Cut his throat! Spill his blood!"Chapter 9, pg. 138. The word "pig" sung in their earlier chant has been replaced with "beast"
Water in Lord of the Flies symbolizes rebirth.
adaptation to the island
lighting will symbolize the death and hardships of the boys and the dangers that they encounter with their surroundings and savage ways.
Simon's bower represents civilization.
It symbolizes the monstrosity and animalism of everyone on the island, when it was meant to be an offering to the beast. The beast was in all of them.