There is a ship in the North country called the Golden Victory which is going to be sunk. The captain asks if anyone will sink the ship for him, and the cabin boy asks what he will give him to do it. The captain offers silver, gold and his youngest daughter. The cabin boy scorns the gold and silver but will take the youngest daughter. With a dagger he goes off to sink the ship. The sailors are playing games when the water starts to come in. The cabin boy goes back to the captain asking to be let in as he has sunk the ship.
Jeannie Robertson comments that there are other verses where they will not let the cabin boy back. Jeannie taught the song to big Davie Stewart's daughter and to her own daughter Lizzie.
8 verses. Sea ballad, usually with pirate or Turkish ship to be sunk.
Greig-Duncan vol. 1, pp. 83-86
Ord pp. 450-451