The song is called "The Jute Mill Song" and is actually 20th century written by Mary Brooksbank, a millworker from Dundee..
If you look up the name under Digitrad here, you'll find all the lyrics.
Still sung commonly at sessions all over Scotland. it's a fine song by a fascinating woman...apparently when Ewan McColl gave a concert in Dundee he lamented the lack of working class songs from the City. Mary went up at the end of the show and said, "I've written some"...
If you can find it, her book "Sidlaw Brezes" contains some great stuff.
Or alternatively, Birlinn Books from Edinburgh have recetly republished "Coorse and Fine- Songs and Ballads of Dundee" packed full of traditioanl and composed songs from there, including The Jute Mill Song.