My Grandmother, Mary Morse Low, born (1917?) and raised in Lawrencetown, Nova Scotia, Canada, used to sing it. When I was a kid I used to sing along and it wasn't until I was much older when I understood what I was singing...

Today is the day they give babies away
with a half a pound of tea
If you know any ladies that want to have babies
just send 'em 'round to me

I'll give 'em a smile, I'll give 'em a grin
Send 'em to me! I'll fill them with glee!
And send them on their way!
Oh! (and start singing again from beginning)