Blimey, CdM, there are enough components there to make eight words ! EG ST L IC ER/HM {we hear = sounds like} A/B/C/D/E/F/G(plural) DIX PP ST/RD N/S/E/W(plural) AT EL AB(S)/TAR .... and that's only got us up to the Spanish sailor !

...a multiple definition, perchance?

Or rather, multiple devices.

Actually, I think it's a single cryptic definition, the answer being RED HERRINGS.

[rab] Very good! Although it is actually a strict Ximinean clue. Details: The last four words are the cryptic part (RE D HER RINGS); the rest of the clue up to "...account" is the definition.