Plural of belting; strong fabric or material used to make belts, or instances of striking with a belt as punishment.
From 'belt' (a band worn around the waist, or to strike with a belt) plus the suffix '-ing' to form a noun. This can refer either to the material for belts or to the act of beating.
In old stories, 'beltings' referred to punishment beatings with a belt, which is why the word carries both literal (the fabric) and harsh (the punishment) meanings—language often preserves historical practices we'd rather forget!
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