what is the meaning of 'to wear one's breeches out' and 'rat-gutted'?

I am quoting from the Memoirs of Sherlock Holmes, The Gloria Scott by Arthur Conan Doyle: "Now, you don’t think it likely that a man who could do anything is going to wear his breeches out sitting in the stinking hold of a rat-gutted, beetle-ridden, mouldy old coffin of a China coaster?", end of quote.
I found an definition of ‘wear the breeches’ in the free dictionary but it doesn’t fit the context. As for ‘rat-gutted’ I couldn’t find anything.