Bah Bah Black sheep,
Have you any wool?
Yes sir Yes sir,Three bags full.
One for the master,
One for the dame.
One for the little boy.
Who lives down the lane.
Refers to payments made to the family disrupted by the birth of James 1's illegitimate son.
Three bags of wool = the payment.
Master = the husband of the Dame who gave birth to the child.
The little boy = obviously the son.
Best wishes, Mike.