This is a remake of Willie O Winsbury by Richard Thompson. The Question and Answer format is similar to the last verses of that folk song where the lord/father and willie converse about ("Will you..." "Yes I.." "No I...") matters related to marrying the lord's daughter.

The 2 deceased people are speaking to the survivors, the band members and their party. The survivors must continue to follow the lonely road, Rising with the Moon and blown by the cold north wind.

Martin, the drummer is loathed by his sons, the drums, who he beat.

Jeannie (a costume maker) will no longer cut the cloth. She will swear a year to he who sleeps beside her.

That's what the lyrics mean.