Thank you all for your comments:

These are "Notes on the Music by Nancy Evans", the singer who these songs are dedicated.

The short notes (scotch snap) should have nervous energy and vitality. The mother's mood here is one of great pride in her son and in the future she dreams of as she rocks his cradle. The great chief of the clan, Clanronald, his father: the baby is not legitimate, but she is very proud to have borne him.
"Brawlie kens our wanton chief" (he well knows, our wanton Chief, who begat my young one). "Thy bonie craigie" is "thy lovely neck", then "...You will steal a pony and travel through the country capturing cattle". Use a more mysterious colour at "Thro' the lawlands..." "Weel, my babie, may thou furder..." (Wel, my baby, may you prosper...). The piano part at that point (p.10, bar 2) should slightly rit. and dim. A tempo again at bar 3.
Be sure not to skimp the 'ba' of balou, and don't try to fit one another 3 bars from the end: each keep a tempo and all will be right, but allow time on the barline before the final ba-lou.

Regards from Spain!