In our club the stanza is used amidst words of great mystical meaning -

As I was walking by St Pauls
Go down, you blood red roses, go down
A woman grabbed me by the elbow
Go down, you blood red roses, go down

Oh, you pinks and posies
Go down, you blood red roses, go down

She said to me her name was Flo
Go down, you blood red roses, go down
And by profession she was a waitress
Go down, you blood red roses, go down

etc etc.

:D