I believe the composer of this song was Irwin Burgie, who served most famously as songwriter for Harry Belafonte, but who was a calypso singer in his own right, performing and recording under the name Lord Burgess.

Here's a transcription from his LP album, Stinson SLP 62, Lord Burgess (c. 1958??). The "I like my Schwepp' and my Canady" line in the first verse is as I hear it, but Peter Armstrong's understanding (message above) makes more sense in the rum and cocoanut water context, so maybe it's "I lack my pep and my energy."

RUM AND COCOANUT WATER

As (written and?) sung by Lord Burgess

Cho: Oh, it's rum and cocoanut water,
         Rum and cocoanut water,
         Rum and cocoanut water,
         I cannot get in America.

Honey, won't you come with me,
Let's go back to the West Indie,
For baby, can't you see,
I like my Schwepp' and my Canady.   

What I need: my   Cho:

I remember when I was young,
I was very robust and strong,
But now when I walk [the street?]
I get a weakness into my feet.

Where is my Cho

For in America they have snow,
But in Jamaica this is not so,
And my body is getting old,
I am not able to stand the cold,

What I need: my Cho

I'm going back to Jamaica
Where I can get cocoanut water,
And where'er in the world I roam,
Jamaica is my happy home,

I need my   Cho

I'm going back to the West Indies
Where I can find the cocoanut trees,
I will settle down in my home town,
Where we have sunshine the year around,

Where I can get my   Cho