I have the participants the other way round - that is a sailor and a soldier, so that the sailor is the lead - presumably in a Navy town such as Portsmouth (Hampshire England) that is to be expected.

First they imagine they are back at home.

Second verse they pray for beer/the whole brewery.

Third for cash/the Bank of England.

Fourth verse for peace/peace for evermore.

The tune is 'The larks they sang melodious' - otherwise 'Pleasant and delightful'