Commander Crabbe wrote:
It was originally a poem and if I ever read it as such I promise I'll punctuate it as such. Until then, while I choose to sing it, I'll arrange it and perform it any way I want. Of the many times I have done so, no one has ever complained that I got the punctuation wrong in that line.

All very well, but if you sing those last two lines the way you punctuated them, they completely lose their meaning. As they are effectively the "summing up" at the end, then the rest of the song loses its meaning.

Raglan Road is a superb song, but is not easy to sing because the phrasing of the words and the phrasing of the tune do not always match, so you need to think very carefully how you are going to phrase it so as to make the meaning clear to your listeners.