I sing a first verse which goes:

When I was a young man I often would wonder,
What happened to time when it passed.
Then I found out that time just ends in prison,
And there it gets held fast.

I learnt it from Ewan at one of the sessions he used to hold at his house in Beckenham many years ago, so I think it's correct (subject to memory and the "folk process").

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Thanks, Dave. I missed that verse, because it was handwritten (with the music notation) in the songbook. I added it to the lyrics I posted. -Joe-