Yes, that makes sense. "Oots" was a Freudian slip. I meant to write "oofs," which is actually what I think it sounds like. I assumed it was cockney for "hoofs," and thought "hoofs" might be a rhyming slang substitute for a word meaning money; but "loot's" would fit, as a contraction for "loot is," though I definitely don't hear an L in the recording.

Incidentally, I've just discovered that the actual recording I have, sung by a group with the very un-cockney sounding name "New Arkansas Travellers," is posted online - here.

Thanks again.