In "The Man with Two Beards" by G. K. Chesterton, the author was describing a situation where Mr. Bankes family were assembling in their house while their son, John, returned in his car with his neighbour, Mr. Smith, who don't like cars at all:
At this point, the conference was for a moment disturbed, by the return of John Bankes, from what appeared to be an abortive expedition in the car. Old Smith seemed to have been a disappointing passenger, after all. "Funked it, after all, at the last minute," he announced with noisy disgust. "Bolted off while I was looking at what I thought was a puncture. Last time I’ll take one of these yokels——"
Does "funked it" mean "got rid of it"?
And what's meant by "Bolted off, does it mean "escaped" as "bolted out"?