The "Torbay Men" version reflects a certaom antipathy between the "townies" - residents of St. John's - and the "baymen" - those who lived in the small coastal communites.
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This verse -

Here they are as thick as flies
Dirty shirts and dirty ties
Dirty rings around their eyes
Dirty old Torbay men

- has a Cape Breton variant (different tune), which may have been the original:

Dirty necks and dirty ties,
Dirty rings around their eyes,
You'd think that they were in disguise,
The Dirty Yankee Miners.

Refers to a labour situation; Newfoundlanders from the "Yankee Mine" in Nfld were brought in as 'replacement workers' during a strike. Not sure when; my father knew the song ("Dirty Yankee Miners") from his Cape Breton childhood.