Transcribed from a sound sample found at http://www.malinky.com/lastleaves1.htm (I have not attempted to use Scots spelling.)

Marianna Olderham (?) was a young lassie with golden hair,
Sweet and honest through and bonnie and lover of one John Sinclair.
Marianna met the factor at the dawning of the fold (?)
And he said, "Lie with me now, Marianna, and you will not want for gold."

"Well I thank you for..."

One review describes the song as "a narrative ballad based on a George Mackay Brown short story."