Lyric discussion by goddamitgreg 

Cover art for James lyrics by Camera Obscura

It sounds like she's singing to a someone who committed suicide. I could be wrong but it would make sense seeing how they dedicated the record to a James Dunbar.

Based on looking at the lyrics again, I would have to agree that that seems like a good interpretation. It may not be suicide but just someone who died because of things they were wrapped up in.