It was a formal, composed march. Composed by a Lieutenant F.L. Ricketts in 1914, and extremely well known well before WW II. Normally the folk process does not work the way described. It had lots of World War II lyrics:

Cheer up, and the same to you!
Good luck, in every thing you do!
Cheer up, the skies will clear up!
And Britain's boys will come home once again!

Here's a health to the boys in Navy blue!
The Army and the Airforce, too!
Here's a health to the Women's Volunteers,
They all deserve three hearty cheers!
Etc.

Those lyrics may well be older than the ones about hitler and his bal.