In a form clearly based on the transportation song "The Black Velvet Band," the singer -- who has chosen to emigrate to New Zealand -- bids farewell to his girl and sails away. He tells how he is saving up to be reunited with his girl in the velvet band.
I suspect this is not really traditional, but rather is an adaption of the standard Black Velvet Band to New Zealand conditions (i.e. no transportation). But I gather it was found in some manuscript somewhere, so it *may* have been passed from hand to hand at some time. - RBW