I agree that the song is about someone shady searching for one of Pete's friends and him refusing to give them his address, and expanding on that I think the choruses are Pete/the narrator lamenting how this same friend always gets himself into this kind of trouble, either by getting into debt or generally pissing people off, and is always oblivious to it, or is arrogant enough to think he can handle it (it's just like he's in another world/he doesn't see the danger on show). He worries that if this friend doesn't stop getting on the wrong side of these people "he'll end up like Joseph, bloody in a hole".
Fairly straightforward really.
I agree that the song is about someone shady searching for one of Pete's friends and him refusing to give them his address, and expanding on that I think the choruses are Pete/the narrator lamenting how this same friend always gets himself into this kind of trouble, either by getting into debt or generally pissing people off, and is always oblivious to it, or is arrogant enough to think he can handle it (it's just like he's in another world/he doesn't see the danger on show). He worries that if this friend doesn't stop getting on the wrong side of these people "he'll end up like Joseph, bloody in a hole". Fairly straightforward really.