Spectator (Dec. 16, 1916), p. 765:

'Old King Cole' is merely the latest version of a very old soldiers' song. The song begins : —

Old King Cole was a merry old soul,
   And a merry old soul was he,
He called for his pipe and he called for his bowl,
   And he called for his privates three.

Now every private had a great thirst,
   And a very great thirst had he —
'Beer, beer, beer, beer, beer,' said the privates, '
   Merry, merry boys are we.
For none there are that can compare
   With the boys of the new army.'

"Each succeeding verse deals with the next in rank above up to the Colonel.

Every subaltern had a great grouse, every Captain had a great cheek, every Major hod a great swear: —

Now every colonel knew hang all,
    And very hang all knew he,"

are the introductory lines of the last verse. And the chorus is : —

"What do we do next ? ' said the colonel,
   'Blank, blank, blank, blank, blank,' said the major,
'Please may I have a year's leave ?' said the captain.
   'We do all the work,' said the subaltern. '
'Right about turn, quick march,' said the sergeant.
   'Beer, beer, beer, beer, beer,' said the privates, '
Merry, merry boys are we.
   For none there are that can compare
With the boys of the new army.'