A saveloy is a low-quality processes sausage with the outside died a pinkish-red colour. Similar, usually larger, ones I've noticed in the supermarket are called 'polonies'. Saveloys are a traditional kid's party food here in new Zealand.

In the version I know, Taffy was not in bed. Taffy 'was from home - I returned the compliment and stole a marrow bone." (hardly more creditable)...