That last bit about candles and choppers is part of a choosing system. We used to do it to 'count people out.'

'Cockney' songs tended to be whatever was popular in the music halls at the turn of the century

"Half a pound of tupenny rice
Half a pound of treacle
that's the way the money goes
Pop goes the weasle"

There's another part to the above, I think Lonny Donegan did it as the 'b' side to "my old man's a dustman".