there is a story not necessarily to do with the origins of this song in particular, but of the fact of the Newfoundlanders obtaining materials from these wrecks.... I have a buddy in NFLD, who will remain anonymys to protect the innocent, who relays the following stories...

It is a well know fact that when a shipped is wrecked on the coastline, once the salvage companies have given up on the vessel, it then becomes fair game to the island folk. They will take their dories and go to sea in the worst of weather to gain any materials that might be of any use left on the ship... However, it is unofficially reported that in some areas along the coast, the NFLDers would actually set false lights to lure the ships onto the rocks when they were needing supplies..... Not confirmed to my knowledge (limited), but an interesting twist, and quite probable..... I would think....

Love the song myself, sing it whenever I get the chance....