I must be getting old, because I was amazed to see that a text of this song, entitled "The Soldier's Tale," appeared as long ago as 1980 in "The Penguin Book of Light Verse," a collection for the general run of poetry lovers.

Editor Gavin Ewart, poet and WW2 British Army veteran, notes (both defensively and significantly):

"Although the words are crude and even scarifying, the effects of this song, when sung in Officers' Messes and Rugger Clubs, is quite benign."

Ewart's own work, Wikipedia observes, is "noted for its irreverent eroticism and sharp commentary on human behaviour."