No, now that I think of it, the lyric should be:

Bachelor's Hall is always the best,
Be you sick, drunk or sober, you're always at rest,
No wife for to scold you, no children to bawl,
Oh, happy's the man who keeps Bachelor's Hall,
And its oh, oh, laddie-oh.

Do any of you remember the full set of lyrics? I ransacked my vinyl today looking for it without result.