This song is clearly about a ship. The "maidenform that withstood the storm" is refering to the figurehead at the front of the ship.
It was written by Charles Jeffreys 1807-1865. Who was English. It is a broadside ballad and there are several copies of it in the Bodleian library of the University of Oxford see here .. (click)
If you are not aware there are something like 30,000 of these broadside deposited here and all will eventually be online to download.
As for the word lour it can be spelt as lower too both are correct. (But always pron. the same)
Please note that it is Allandale not Allendale, also it is "lot" and not love in the last verse as pointed out above.