Students must have been more serious-minded in the '50s. At uni in England in the '60s we'd degenerated to the following:

'Twas on Gibraltar's Rock so fair
A maiden sweet was lying there
And as she lay in sweet repose
A gust of wind blew up her clothes
A sailor who was passsing by
Tipped his cap and winked his eye
And then he saw to his depair
She had the Red Flag flying there.

or:

The working class can kiss my arse
I've got the foreman's job at last.
I'm out of work and on the dole -
You can stick the Red Flag up your hole.

Wassail! V