R. S. Ginzburg, S. S. Khidekel, G. Y. Knyazeva, A. A. Sankin a course in modern english

§ 28. The Meaning of Compounds. Motivation

It follows that the meaning of a compound is made up of the combined lexical meaning of the bases and the structural meaning of the pattern. The semantic centre of the compound is the lexical meaning of the second component modified and restricted by the meaning of the first. The semantic centres of compounds and the semantic relations embedded in the structural patterns refer compound words to certain lexico-semantic groups and semantic sets within them as, for example: 1) compound words denoting action described as to its agent, e.g. sunrise, earthquake, handshake, 2) compounds denoting action described as to its time or place, e.g. day-flight, street-fight, 3) compounds denoting individual objects designed for some goal, e.g. bird-cage, table-cloth, diving-suit, 4) compounds denoting objects that are parts of the whole, e.g. shirt-collar, eye-ball, 5) compounds denoting active doers, e.g. book-reader, shoe-maker, globe-trotter.
The lexical meanings of both components are closely fused together to create a new semantic unit with a new meaning which is not merely additive but dominates the individual meanings of the bases and is characterised by some additional semantic component not found in any of the bases. For example, a hand-bag is essentially ‘a bag, designed to be carried in the hand’, but it is also ‘a woman’s bag to keep money, papers, face-powder and the like’; a time-bomb is ‘a bomb designed to explode at some time’, but also ‘after being dropped or placed in position’. The bulk of compound words are monosemantic and motivated but motivation in compounds like in all derivatives varies in degree. There are compounds that are completely motivated like sky-blue, foot-pump, tea-taster. Motivation in compound words may be partia1, but again the degree will vary. Compound words a hand-bag, a flower-bed, handcuffs, a castle-builder are all only partially motivated, but still the degree of transparency of their meanings is different: in a hand-bag it is the highest as it is essentially ‘a bag’, whereas handcuffs retain only a resemblance to cuffs and in fact are ‘metal rings placed round the wrists of a prisoner’; a flower-bed is neither ‘a piece of furniture’ nor ‘a base on which smth rests’ but a ‘garden plot where flowers grow’; a castle-builder is not a ‘builder’ as the second component suggests but ‘a day-dreamer, one who builds castles in the air’.
There are compounds that lack motivation altogether, i.e. the native speaker doesn't see any obvious connection between the word-meaning, the lexical meanings of the bases and the meaning of the pattern, consequently, he cannot deduce the lexical meaning, of the word, for example, words like eye-wash — ’something said or done to deceive a person’, fiddlesticks — ‘nonsense, rubbish’, an eye-servant — ‘a servant who attends to his duty only when watched’, a night-cap — ‘a drink taken before going to bed at night’ all lack motivation. Lack of motivation in compound words may be often due to the transferred
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meanings of bases or of the whole word as in a slow-coach — ‘a person who acts slowly’ (colloq.), a sweet-tooth — ‘one who likes sweet food and drink’ (colloq.). Such words often acquire a new connotational meaning (usually non-neutral) not proper to either of their components. Lack of motivation may be often due to unexpected semantic relations embedded in the compound.
Sometimes the motivated and the non-motivated meanings of the same word are so far apart that they are felt as two homonymous words, e.g. a night-cap: 1) ‘a cap worn in bed at night’ and 2) ‘a drink taken before going to bed at night’ (colloq.); eye-wash: 1) ‘a liquid for washing the eyes’ and 2) ’something said or done to deceive somebody’ (colloq.); an eye-opener: 1) ‘enlightening or surprising circumstance’ (colloq.) and 2) ‘a drink of liquor taken early in the day’ (U.S.)