A penney for a spool of thread, A penney for a needle. That's the way the money goes. Up and down the City Road, In and out of the Eagle, That's the way the money goes. The City Road is a main road leading from London's eastern suburbs to the center of London's business district and the Eagle is a tavern on that road. People today say there is more talk in the Eagle of commodity trading than pawning.
Treacle is British for molasses.