Apologies for not getting involved earlier, I was away from my computer. Many thanks to all of those who have contributed. I am intrigued that it is a modern "forgery", it is certainly well disguised behind its wealth of obscure detail. The version that I have of Luke Kelly omits the Invincibles verse and talks of the Duke of Gloucester losing his mot.Before I saw the version put forward by Andrew (above) regarding the Dublin Fusiliers, I had imagined that it was something to do with Erskine Childers's arms importation or Robert Childers Barton who was a memeber of the Dublin Fusiliers and was arrested for making seditious speeches. I though thatit should read "They wen against the Childer one, two three".
Easy to see how the meaning of a song can be distorted eh! The Arch in Stephens Green in Dublin commemorates the 212 Royal Dublin Fusiliers who died in the Boer War.
I will return to the song and see if anything else jumps out at me.
Bob