Yes, the poem then song is based on that - converstion between the bells of various London churches and other places. It was a playground game, now mostly gone. The "chopper" caught the child who arrived under the arch made by two children at the last line. It's called "Oranges and Lemons":-

ORANGES AND LEMONS

Gay go up and gay go down,
To ring the bells of London Town.
"Bull's eyes and targets", say the bells of St. Margarets.
"Brickbats and tiles", say the bells of St Giles.
"Oranges and Lemons", says the bells of St Clements.
"Pancakes and fritters," say the bells of St Peters
"Two sticks and an apple," say the bells at Whitechaple.
"Old Father Baldplate", say the slow bells at Aldgate.
"Maids in white aprons," say the bells of St Catherine's.
"Pokers and tongs," say the bells at St John's.
"Kettles and pans," say the bells at St Anne's.
"You owe me five far'things," say the bells at St Martin's
"When will you pay me", say the bells at Old Bailey.
"When I grow rich", say the bells at Shoreditch.
"When will that be," sat the bells at Stepney.
"I'm sure I don't know", says the great bell at Bow.
Here comes a candle to light you to bed,
Here comes a chopper to chop off your head!