The words are familiar, and I know the tune (or at least part of it). I probably heard it on BBC 'Children's Hour' in the 1940's.

I have a feeling that the tune is from something else, but my mind won't locate it.

Ha - a sudden thought. The tune is part of 'The parade of the wooden soldiers'. This is an organ version - the relevant bit starts about 1:30 in, although it's a bit fast.

Phil