Some slightly different lyrics:

Oh, a sailor courted a farmer's daughter,
What lived contagious to the town of Strabane.
With loving melodies he did besought her.
That she'd marry him before, she married any other type, sort, kind or classification of a man.

Now the farmer's daughter had proud possesions,
A silver teapot, and two pound ten in gold.
Would you still marry me, my bold salt water sailor,
If I had but nothing, no nothing at all in the world?

Oh I'd marry you, my heart's conchantment,
If you'd nothing, only a father's curse.
So she made up a bundle of all her proud possessions, and threw it down into the deep, cold sea.
That ends that verse.

Now the sailor he could swim like a duckling,
So he jumped down into the water deep and cold,
Grabbed the old bundle and swam away chuckling,
Thinking of the fun he'd be having when he got back down to Ballymalone.

Now the farmer's daughter near killed herself laughing,
For what was in the bundle - only an old poteen of a stone.
Oh, a sailor courted a farmer's daughter
And now he wishes he'd left her completely and utterly and entirely, alone.