I think this song is abut two co-dependent people in an ill-fated relationship. "She" seems to feel shame and guilt, perhaps because she is cheating on someone else with the "He" of this song (which would explain why her love was "only ever on a loan"), and so even though she loves him, she can't or won't be with him; nevertheless, she obviously still hasn't broken contact since she's sending him a birthday card, which only causes more pain for them both.
On the other end of the spectrum, "He" acknowledges that the relationship was shallow ("see-through treasure) and based on a physical/sexual relationship that was forbidden ("bribing me with your guilty pleasure"), yet he also cannot seem to break contact with her since he is sending her a postcard.
This is one of the best songs on the record, but it's even better live, where Joe sings it with real conviction.
I think this song is abut two co-dependent people in an ill-fated relationship. "She" seems to feel shame and guilt, perhaps because she is cheating on someone else with the "He" of this song (which would explain why her love was "only ever on a loan"), and so even though she loves him, she can't or won't be with him; nevertheless, she obviously still hasn't broken contact since she's sending him a birthday card, which only causes more pain for them both.
On the other end of the spectrum, "He" acknowledges that the relationship was shallow ("see-through treasure) and based on a physical/sexual relationship that was forbidden ("bribing me with your guilty pleasure"), yet he also cannot seem to break contact with her since he is sending her a postcard.
This is one of the best songs on the record, but it's even better live, where Joe sings it with real conviction.