I've got the same recording (Irish Folk Favourites),
and that is what I wrote down after listening to this song
for many many times:

Victoria

The lion and the unicorn were fighting for the crown
When (??? ... spoke ???) Irish gentleman they both came tumbling down
The second George departed to one Stephen's Green in town
But they're coming down for you, Victoria

Chorus [after each verse, twice after last verse]
Victoria, they're coming for you soon
Victoria, it may be when the Moon
Is shining on December frost around the flowers of June
But they're coming down for you, Victoria

A gas main burst in Belfast on the eve of (??? poppy ???) day
And loyal doors and windows, too, moved rapidly away
Came the dawn in Dublin and the (??? north he thought ???) to say
Send a message from the castle to Victoria

Georgie lost the city and king Billy lost his head
The lion lost his balance, from the unicorn he fled
As sure as you're a humpy (??? stump we bumped ???) a lump of lead
They'll be coming down for you, Victoria

Nelson (??? , swether I will say, ???) was looking out for squads
They're nervous in the Phoenix Park and round old Dublin's walls
But peace forever keeps its place and truce forever falls
They've (??? a-doubled with ???) you, Victoria


As you can see, there's an awful lot of places marked with (??? ... ???) where I am not sure about it.

Andreas