As Greg Stephens rightly points out, the song is about Paris but Mr May (McTell) changed it to avoid upsetting somebody or other (I forget the full details). I don't know really why he changed his name but I do remember when his first LP was about to be released, he wanted his real name on it but Transatlantic wouldn't let him because the sleeves were already printed.

I also remember hearing Streets Of London for the first time at the Folk Cottage, Mitchell, which McTell had taken to inhabiting after his return from Paris, c1967. People applauded politely and asked him to play Hesitation Blues.

Note of (possible) historical interest: the woman who carried "her world in two carrier bags" was Meg Aikman who did very well for herself, thank you. She used to turn up in the Cousins during the all-nighter as part of her tour of London night spots, do one song and move on once she'd raked in what she thought was enough.