Here's how I remember the song from The Wolf cubs in the 1940's

Little Mister baggy breeches I love you,
Won't you be my Sumday fellow,
I'll patch them mit purple, mit pink and mit yellow,
and folks will say as they lean on the old sea wall,
Lena's been patching your jakobs...
till you can't see the breeches at all.....

Anyone know what jakobs are?