I've had a go at a transcript, but one or two words elude me, for the moment I'll not put it up.

A good, poignant song remembering the work of the Royal Navy Patrol Service (also known as Churchill's Pirates) about whom more info here.

According to the sleeve notes the song is, in fact, the work of Bill Meek, who sang a good deal with JC but tends to be less-known for some reason.