The title means "I paid dearly for the fishing". It's a lament for someone who has drowned.
Tha do phiuthar gun bhràthair 'S tha do mhàthair gun mhacan.
Tha do bhean òg gun chèile 'S tha mi fhìn dheth gun dalta.
your sister is without a brother your mother without a son Your young wife without a spouse And myself without my foster child
According to the BBC Bliadhna nan Òrain page, this song probably dates from the 18th century. Taigh a' Chladaich, the house of the shore/beach, was the former name of a hotel in North Uist, later known as the Westford Inn. but some people associate the song with Islay instead of with Uist.