From Whall:
This is a good example of a class of song peculiarly the sailor's own, which treated of Jack's successful amours, and in which "maid servants follow him all the world over... 'Mistress's only daughters' pine and die for him. Ladies single him out as an object of devoted attachment. And even princesses deign to bestow their love upon a humble son of Neptune."
Although Jack seems rebuffed, perhaps there are important verses missing.