The singer goes out wandering and sees boys and girls at play. He might be with them had his girl proved true. But her father told her she must cross the seas, and with much lamenting, she consented. She sails away
A strange song: The father sends the girl away, but does not go with her or (apparently) offer her any means of support. One wonders if this isn't a worn-down version of something like "The Suffolk Miracle," where the father sends the daughter away because he doesn't like her lover.
If that were true, it would even explain the mention of the _Zared_ -- the girl was coming home to her love, but drowned on the way. Very much "The Suffolk Miracle," with the genders reversed. - RBW