Oh my goodness, this is the only instance online I have found of someone else remembering this! It was part of my childhood too... approx. 1995??
Cor Blimey Admiral Nelson, you're a smashing bloke - hoy!
All dressed up in your smart (something) hat,
With a lov-erly bright blue coat.
We would like to give ya the freedom of the smoke!
So come on 'ave a cuppa, 'old it in your 'and (something something something)
It's the freedom of the land!
I also remember snippets of "57? sailing ships, sliding through the night"
"Think of all them froggies, breakfasting on snails,
Won't they (something something something) when they see our sails!
Potentially about the Spanish armada?? Gosh, terribly racist now that I see it written down.
And a calypso tune...
And so it's hey bananas, dis am de refrain,
We am gonna sing it, again and again,
And every time we sing it, it gives us time,
To figure out a way to make the next verses rhyme.
Back at the guboner's house he find, a lady that create funny state of mind,
De guboner say you can take her hand, but you got to take her back with you to old engerland!
And something about "Little Fanny Nesbit the guboner's neice"
That's all I've got!