Here's my transcription.

Mick

---

THE WAVERTREE
(Hughie Jones)

When I was small at me grandad's knee
He'd sing his auld songs and he'd yarn to me
Of sailing ships and years long past,
And serving time before the mast.
Sometimes a faraway look would come,
I knew I'd be hearing a special one;
Of every ship, on every sea,
His favourite was The Wavertree.

  Chorus:
  Running your Easting down,
  Running your Easting down.
  Ain't you proud to be signed AB
  On a Liverpool ship, The Wavertree,
  Bowling along in a Westerly.
  Running your Easting down.

A full-rigged ship, two thousand ton,
Southampton built for the Calcutta run.
When demand for jute began to fade
She entered the Australia trade.
In later years her cutback crew
Humped dirty cargo off Peru.
When steam beat sail eventually,
They damned near starved in Wavertree.

  Chorus

For twenty-five years she played her part
'Til a Cape Horn snorter broke her heart.
Almost forgotten, tired and worn,
An old windjammer's been* reborn.
If grandad were alive today
He'd not believe it if you'd say
A century on a New York quay
Would berth his favourite Wavertree.

  Chorus
  Running your easting down.


* - sounds like beer, but that doesn't seem to make sense!

Source: Hugie Jones - cd, Hugie's Ditty Bag