Hi, Royce - I found the lyrics at This site (click). I believe Frankie Armstrong has also recorded this song.
-Joe Offer-STEELEYE SPAN * Lovely on the Water
===================================As I walked out one morning
in the springtime of the year
I overheard a sailor boy
Likewise a lady fairThey sang a song together
made the valley part (?)
While the birds in the spray in the meadow gay
proclaim their love this springSaid William to Nancy
soon we must sail away
for it's lovely on the water
to hear the music playFor the Queen she do want seamen
and I will not stay on shore
I will go to war for my country
Where the plundering cannons roarPoor Nancy fell and fainted
but soon he brought her to
For it's then they kissed and there embraced
and talked upon the dewCome change a ring my love
for we may meet once more
will guard you love
where the plundering cannons roarFour pounds it is our bounty
and that must do for thee
for to help the aged parents
while I am on the seaFor town (?) is crowded
with parents weeping sore
for their sons have gone to face the foe
where them plundering cannons roar