From Saga of a Wayward Sailor by Tristan Jones (Dobbs Ferry, N.Y. : Sheridan House, 1995) [originally published 1979] page 214:

In the original version, as Tansy Lee (1866-1958) sang it, "Rolling Kings" was "rollikins" which is an old English term for drunkards. However, the Australian, when drunk, is a "rolling King."