The song comes from "Davy and the Goblin", a children's book, written in 1884, by A a New York stockbroker, named Charles E. Carryl. My mother read it to me when I was small, and sang that song with great gusto, including the lines, "The Cook was dutch, and behaved as such, for the food he gave the crew, was tons and tons of hot cross buns, mixed up with sugar and glue."
I think "Davy" is in print, if you want to read it. The Goblin taked Davy on a "believing voyage", where he meets various characters from fairy tales, including Little Red Riding Hood, and her father, Robin Hood.
It is easy to get Charles E. Carryl mixed up with Charles Lewis Dodgeson, aka Lewis Carroll. But Carryl was an American. "Davy was his attempt to write an American "Alice in Wonderland". He wrote another fantasy called, "The Admiral's Caravan".