Lyric discussion by prozacrefugee 

Cover art for Seymour Stein lyrics by Belle & Sebastian

Actually the girl in this is someone he left behind - the entire theme is one of being trapped in the music business, rather than back home with the "North County girl". Ultimately his choice is to reject the life of fame and stay in his home country, rather than become a jet setting rock star. "Record company man I won't be coming to dinner", etc.

"Has he ever seen Dundee" references a small city in Scotland.

You're right, the "North Country girl" (cf. Bob Dylan's Girl From The North Country) is the one who stayed behind, who he will miss if he goes away.

I love how the music swells, and the singer's placid voice rises in intensity, as the song moves toward the bridge. The song is about the internal struggle of anybody tempted by money to leave what they love. The song structure reinforces this theme - conflict followed by defiant rejection of fame and fortune.

Interesting to consider this song in the context of Belle & Sebastian's relative success and world...