I heard that song in Ireland, way back in either '67 or '68. Curiously at least a couple of the natives seemed to think it too irreverent, though the same audience happily sang 'Off to Dublin in the green'.

A further verse (as I remember it) went;

Now, her sister Meg's got a bonny pair of legs,
But she wouldn't hae a German or Greek,
Peter Townsend was her choice
But that didn't suit the boys,
So they sent him up the creek.

Back to yachts-can I come too? I think that purser would be a good position.