G'day,
A couple of variations of the lyrics:

Verse 3, line 1
Through cruel hardships they bravely strove

Verse 4, line 1
Many people seem to sing Baffin's Bay, the proper name is Baffin Bay.

Verse 5, line 2 & line 4
For my long-lost Franklin I would cross the main
To say on earth that my Franklin do live.

There is an Aussie connection to Franklin - he was governor of Tasmania (Van Diemen's Land (watch the spelling)) & gave his name to one of Tassie's rivers. The Franklin River was contoversial in recent time on conservation issues.

A newspaper article from 1837:

Hobart Town, Jan 5. Sir John Franklin, naval hero, Arctic explorer and member of the Royal Society, has today arrived to take up his appointment as Lieutenant-Governor of Van Diemen's Land. It may well prove the most difficult commission of all.

In the party were his wife, Lady Franklin, and Captain Alexander Maconochie RN, his private secretary.

Regrettably, his service in His Majesty's Navy has not necessarily prepared him well for the nest of intrigue the colony has become.

Cheers,
Alan