I'll ask my sister. I know this much. grandad used to do a clog dance to the tune - that funny sort of Lancashire dancing that Sam Sherry did where one leg stays still.

I rather think its a variant of another better known musichall song - reusing part of the lyrics

Down our street
                It is the blooming limit


dum der dum
                dummee,dum-a-dummer
dum der dum
                dummee,dum-a-dummer
Four and twenty girls are waitin' there!

To be honest, he got on my tits a fair bit. Having an original source singer in the family isn't all its cracked up to be.