I just found my old Alan Mills sea chantey record, and this song is on it, but not with the lyrics discussed here. It does seem proto-chanteyesque - each verse names a woman and, usually, tells what happened to her after she met a sailor. It is a very clean song but I assume the sailors would sing it a lot bawdlier. Mind the neologisms.

I can't find the lyrics anywhere on the internet so I'll listen and get them to you.