Lyric discussion by matthewtake1 

Cover art for Waltzing Mathilda lyrics by Tom Waits

The original Waltzing Matilda is the story of a hobo who dances with his rucksack (matilda) in place of a real woman. I think this song is about being stuck and lonely in rainey Amsterdam finding solace with a prostitute and Bushmill's whiskey.

Note the reference to the window light which is the way prostitutes display themselves in Amsterdam

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