Meter but not the notes similar to the Canadian "Banks of Newfoundland," but very different from the American and the English songs of the same name.

Canadian 1st verse:
The springtime of the year is come,
Once more we must away,
Out on the stormy Banks to go
In quest of fish to stay

American 1st verse:
Most sad was my misfortune in the year of 'sixty-three
When I shipped on board for fishing there caught on a drunken spree,
I shipped on board the Eastern Light as you might understand
For to go out on the salty sea to the Banks of Newfoundland.

English 1st verse:
Ye rambling b'ys of pleasure I'll have you to beware,
Don't never go sailing in a Yankee ship nor dungeon jumpers wear,
But have your monkey jackets always at your command,
Beware of the cold nor'westerns on the Banks of Newfoundland.

Joe, looking through a number of Newfoundland songs, the fermata is probably real. This distortion or pause which doesn't quite fit the meter may be a local quirk. I think most singers regard it as optional.