I heard this sung with several verses with the catchy chorus:

Malt's come down, malt's come down
From an old angel to a French crown.

Online, I can only find this as a round, or as a nursery rhyme which provides two verses:

There's never a maiden in the town
But she knows that malt's come down;
Malt's come down, malt's come down
From an old angel to a French crown.
The greatest drunkards in the town
Are very, very glad that malt's come down.

Does anyone know of more? Perhaps this is one of those songs like "Martin Said To His Man" where some of the verses are made up or adapted on the spot.