I was once told by Bert Lloyd that this song is based on an Arabic song/story and that after the bit where his wife and her lover think they are duping him, the cuckolded husband retaliates by torturing and eventually killing them. During the second half as he hacks bits off them, he tells them that his strokes are only caresses etc.

Perhaps last verse of the version I sing reflects this a bit.

My Saturday verse is:

...
I found a t'ing in my wife's t'ing...
It's nothing but a rolling pin...
But a rolling pin with B****cks on (or two walnuts in polite company)

My Sunday verse is (the tune is altered somewhat) is

As I came home on a Sunday night just a little before me time.
I went into the cowshed me old twelve-bore gun to find.
Now what is this, now what is that, the frightened couple asked.
I said, "It is a twelve-bore gun to shoot right up your ... bottom".
Well, it's many a day I've travelled a hundred miles or more,
But I never saw two f***ers run so bloody fast before.