I went to school in Arbroath: but sometime after 1953, not having the forward planning to be born until 1954. But I remember we went up to the harbour to see the launch of the replacement(?) boat, so I guess they must have had a loan boat for a few years. It was a Big Event, and the song reminds/informs me of the reason: it must have been quite poignant for the small, tight-knit fishing community for them to have a capsize-proof boat, the like of which might have prevented the deaths of 1953.

This, from www.scotsindependent.org:

27 October 1953: Six of the seven members of the crew of the Arbroath lifeboat, Robert Lindsay, drowned when their boat capsized in Arbroath Harbour just before dawn after a fruitless all-night search with the Anstruther lifeboat for the source of flares reported by Elie Coastguard. Returning to station, she attempted to run before the seas into harbour but went over. The only survivor, local fisherman Archie Smith, managed to grab a rocket line fired from the shore. It was widely surmised at the time that the distress flares had been fired by the Dundee sand ship Islandmagee which was lost that week with her crew of six on passage from Dundee to Leith.

And this, from The Arbroath Herald:

Six men lost their lives in the Arbroath lifeboat, Robert Lindsay on 27 October 1953.

David Bruce, coxswain, had served on Arbroath lifeboats for 30 years starting on the last two oar and sail boats. He was survived by a wife and married daughter.

Harry Swankie, mechanic, was due to retire from the lifeboat the previous August after 32 years of service. He left a wife and four daughters. His nephew, William Swankie, left a wife and two young daughters.

Thomas Adams, the owner of a small fishing boat, also left a wife and two young daughters. The Cargill brothers, Charles and David crewed a fishing boat with their other brother. Both were engaged to be married.

The sole survivor was Archibald Smith.

--
Hamish