Here's the East Cowes version with explanation

SAILORS ALPHABET

CHORUS
Merrily, merrily, so merrily sail we,
No mortal on Earth like a sailor at sea.
Heave away, haul away, the ship rolls along.
Give a sailor his grog and there's nothing goes wrong.

A - for the anchor that's at our ships bow
B - for the bowsprit and the jibs all below
C - for the capstan we all run around
D - for the davits to lower the boats down

E - for the ensign that at our peak flew
F - for the fo'c'stle where lives our wild crew
G - for the galley where the salt-junk smells strong
H - for the halliard we hoist with a song

I - for the eyebolts, no good for the feet
J - for the jib boys, stand by the lee sheet
k - for the knightheads where the petty officer stands
L - for the leeside, hard found by new hands

M - for the mainmast, it's stout and it's strong
N - for the needle that never points wrong
O - for the oars of our old jollyboat
P - for the pinnace that lively do float

Q - for the quarterdeck where our officers stand
R - for the rudder that keeps the ship in command
S - for the stunsails that drive her along
T - for the topsail, to get there takes long

U - for the uniform, mostly worn aft
V - for the vangs running from the mainshaft
W - for the water, we're on a pint and a pound
X - marks the spot where old Stormy was drowned

Y - for the yardarm, needs a good sailorman
Z - is for Zoe I'm her fancy man
Z - is also for zero, in the cold wintertime
And now we have brought all the letters in rhyme

A chant/song used to teach boys the alphabet (to save on expensive paper) and some knowledge needed for work in the dame schools. The subject of the songs varied according to the expected future trade of the pupils