There is no point at all in speculating on the possible meaning of the text he used

Whether MacColl used a genuine MS text as it stood, or rewrote it or even made the line up, it seems fair to assume that he had some meaning in mind when he chose to sing the words.

And anyone singing the song surely needs to have some meaning in mind as well. And I'd say that is where the point lies in trying to clarify what they are and what they might mean.