Great! My father-in-law just called me back; so, here are the lyrics that he remembers:

In a cool shady nook
By the side of a brook
Two maidens sat fishing for fun
They talked as they fished
While the younger girl wished
For a sweetheart she had never known

The elder girl said
With a toss of her head
'Cheer up, there's no cause to be blue,
'Your love you've not met,
'Will come to you yet,
'There's somebody waiting for you.'

Refrain:
Somewhere someone is waiting for you
Sometime someone will love you
That you'll love true
Somewhere someone is waiting for you

And a lad passed them by
Heard the maiden's reply
And he stopped and he chatted for fun
He said, 'Yes it is true
Someone's waiting for you
And I wish you thought I was the one.'

He paused for a while
Then he said with a smile,
'Cheer up, there's no cause to be blue,
'Your love you've not met,
'Will come to you yet,
'There's somebody waiting for you.'

Now, Dear Hubby's daddy says that there are more verses . . . Is this ringing any bells for anyone?

All the best, Áine