I first thought it was a question on the better known other 'Bay of Biscay' (see DT). Then Catspaw was unwilliely helpful by drawing my attention to 'Willie', and see, there's no Willie in DT's version. So let's start with the version following William Pint's lead:BAY OF BISCAY
(sung:) by William Pint & Felicia Dale
My Willy sails on board the tender
And where he is I do not know
For seven long years
I've been constantly waiting
Since he crossed the Bay of Biscay-oh
One night as Mary lay sleeping
A knock came to her bedroom door
Saying "Arise, arise, my dearest Mary
For to earn one glimpse of your Willy-oh"
Young Mary rose, put on her clothing
And to the bedroom door did go
And there she spied her Willy standing
His two pale cheeks as white as snow
"Oh Willy dear where are those blushes
Those blushes I knew long years ago?"
"Oh Mary dear - the cold clay ashed them
I am only the ghost of your Willy -oh"
"Oh Mary dear, the dawn is breaking
Don't you think it's time for me to go?
I am leaving you quite broken hearted
For to cross the Bay of Biscay-oh"
"If I had all the gold and silver
And all the money in Mexico
I would grant it all to the king of Erin
For to bring me back my Willy-oh"
William and Felicia's notes: 'Bay of Biscay', traditional but run through the "folk processor" to suit our fancies, looks at the ghostly homecoming of a drowned sailor after seven years lost at sea.'
I have no real idea how this ballad was compiled (written). But it surely reminds of several "Drowned lover" or "Drowned sailor" ballads or the very old "Captain Digby's Farewell". Then take the motif of the return of the dead lover as a ghost (several Child ballads), the real dangers of the Bay of Biscay (there are a couple of shipwreck [or near shipwreck] songs from that area), and the Willie from 'Rare Willie', another drowned lover song from F. Child, and the song is nearly completed.
This is but a fancy story with little background. The real story behind this fine ballad could be something totally different. I'd love to read it.
Wolfgang