I Goooogled "Suit of corduroy" and found this website but am not comfortable with what I have found. It doesn't seem to fit what

My grandmother used to sing: (England 1940s/50s) - she only ever sang (knew ?) the chorus:

"Come now, young and old,
If ever you wish for joy,
Never dress your youngsters in
A suit of corduroy."

This seems a different rhythm and scansion from the verses you quote. I don't know if the narrative was similar!