Sandra Kerr's version on LP "The Female Frolic" (Argo, 1968) - has these cover notes :

" In songs prior to the Industrial Revolution, a squire might set his fancy on a shepherdess or milkmaid and, through her sense of class pride and her consciousness of the consequences in social terms, he might be rebuffed. This theme has extended itself into industrial song - it is a kind of sense of fitness and knowledge, that certain class attitudes would never mix even in the marriage bed. Although "The Factory Girl" is primarily a love song, it is also an expression of this declaration of independance - i.e. that a woman, no matter how poor or humble, is still her own master and needn't marry to have money or piece of mind.
The first printed version of this song was called "The Country Girl", published in 1843. The text here however, is probably earlier than 1843 and is from the singing of Mrs Cunningham of Annalong, Co. Down - verse 4 and the melody is from Robert Butcher of Downhill, Co. Derry.   "



I recall reading somewhere, that this song most likely refers to the linen mills of Northern Ireland - but I cannot now recall the origins of that reference ...



Cheers!

Rich-Joy