The lyrics describe the voyage of Irish rebels, convicted to exile in Australia, in the aftermath of the Irish Rebellion of 1803. The narrator describes the feelings of the men as they sail away from Ireland, in precarious conditions, while the chorus is a lament of longing for Derry. The city appears to be used as a symbol for one's hometown, as historically, the Irish Rebellion of 1803 was centered around Dublin. Throughout the song, the narrator describes the harsh treatment Irish prisoners endured under English rule, and the execution of Robert Emmet is mentioned.