The Newfoundland version refers to a sailor and his true love, which might explain verse three of the version above. I think that the song is a confusion of a sailors 'farewell' song, and a selection of floating verses. This is not unheard of in the tradition where we find for example the broken token theme confused in the 'Bold Fisherman'. Equally confused is 'Deep in love' which is based upon the theme of 'Waly Waly ' and combined with other floating verses. This does not in any way devalue the songs, however it is advisable to opt for the simplest explanation I have found, and not look for esoteric explanations as it has been with the likes of 'Polly Vaughn' and 'The Derby Ram' and others including 'The streams of lovely Nancy'. I think LEB had it right, she usually did.