As a child, my family and I would often visit Farley Mount; and beside playing football and cricket etc. with my Dad, we always walked up to the Monument; but I never really knew what it was. It wasn't until many years later when I met Graham Penny at The Fo'c's'le in Southampton and heard the song, that all fell into place.
Here are the words as sung by Steve Jordan on his Cd "The Trees Scarce Green" (also available from Forest Tracks!!, as are a couple of my own..)

Tim Radford


BEWARE CHALK PIT
(Graham Penny)

Here's a tale I'll tell to you It's remarkable but true,
Of Sir Paulet St. John and his noble steed.
An event you all shall see back in 1733,
And Hampshire gentleman should all take heed.

CHORUS
Beware Chalk Pit, Beware Chalk Pit,
As you go galloping across the Downs, Beware Chalk Pit.
Beware Chalk Pit, Beware Chalk Pit,
The finest horse in Hampshire, Beware Chalk Pit.

As Sir Paulet rode to hounds o'er the rolling Hampshire Downs
He was riding hard as he was want to do.
When he jumped a bramble hedge and went headlong o'er the edge
Of a chalk pit that was hidden from his view.

Now this chalk pit's sides were steep, it was 25 foot deep,
How he came upon it I cannot account.
But the strangest thing of all, was they both survived the fall,
With no injury to rider or to mount.

Now Sir Paulet knew of course that no fault lay with the horse,
And for jumping blindly he should take the blame.
He knew by right's he should be dead, of the horse the proudly said,
He shall henceforth be remembered by this name.

Now old Chalky passed away and his master did straightway,
On Farley Mount a monument erect.
But if you should pass this way you may still observe today,
The enduring final mark of this respect.