I've never heard the James Taylor version, but I'd bet dollars to donuts he was singing something he heard from Jim Rooney -- they both used to hang out in the Boston area. Rooney, with Bill Keith on autoharp, did a wonderful and original treatment of what I gather is an old English tune. They did it as a slightly draggy waltz with the bluesy touches that -- to my mind -- made it a real song. When he got to the speaking parts ("Pretty soldier, pretty soldier, please play one tune more."/"Oh no, pretty lady, it's time to give o'er."), Rooney would put a little Willy Nelson "sprächgesang" into it -- it was great. I have heard an old(er) English version, but, American chauvinist that I am when it comes to music, if there isn't a trace of blues, it gets boring real fast.

James in Bristol, RI