From point and out. Instead of pointing to a particular thing, the term implies pointing to one particular thing out of several similar things, or to a thing in a scene where it might not be readily seen.
1953 August, Basil M. Bazley, “Carlisle in 1905”, in Railway Magazine, page 507:
I have often been amused by travellers pointing out, first the Eden, just north of the station, and then the Esk, which young Lochinvar swam, as the Border; the real boundary is, of course, the little river Sark, just south of the Caledonian station at Gretna; […].
I would just like to point out that we need to finish our meeting by 9 o'clock.
1962 May, G. Freeman Allen, “Traffic control on the Great Northern Line”, in Modern Railways, page 343:
As a Hitchin signalman once pointed out to me, when a regulating quandary arises concerning a fast-moving Class A train there is no time to consult Control and get their answer before the express is on one's doorstep.
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