The Collaborative International Dictionary of English v.0.48:

Carron oil \Car"ron oil\ (k[a^]r"r[u^]n oil).
   A lotion of linseed oil and lime water, used as an
   application to burns and scalds; -- first used at the Carron
   iron works in Scotland.
   [1913 Webster]

WordNet (r) 3.0 (2006):

carron oil
    n 1: an ointment formerly used to treat burns