I remember a cleaner version of this song from an Alladin pantomime in the mid 1950's. It was sung by Wishee Washee the laundryman and went something like:

Chinaman he make-ee money all-ee life-ee long
He do wash-ee wash-ee, sometime he wash-ee wong.
When he try to steal-ee collar, police-ee man-ee come,
He get fine-ee five-ee dollar, plenty much sum!

Chin chin chinaman, velly velly sad,
High trade, low trade, velly velly bad.
No-ee joke, broke-ee broke, had to shut-ee shop
Chin chin chinaman, chop chop chop.