From faint-remembered parties (which in our house were called Drunken Aunty Parties - can't remember why) I always thought the first line was
Auntie Mary hid a canary up the leg o her drawers.
Just puts a different slant to it. We always sang it to our Aunty Mary.
We also had a cousin called Peggy Maguire, who naturally was accused of peeing in the fire.