Meaning of Austere, according to Google:
Severe or strict in manner, attitude, or appearance: "an austere man with a puritanical outlook".
(of living conditions or a way of life) Having no comforts or luxuries; harsh or ascetic.
Imagine a ship captain who fits the term - a very no-nonsense fellow. The medals being reversed could refer to him losing his clothing, which would certainly indicate some mischief to turn before his ship is sent off. The sailors are in a port city, and being "ransacked" by smart (barbed wits) women looking quite fetching (gowns). So they'll drown in velvet... which I think you can easily interpret as either clothing or... something more visceral. Use your imagination.
So yeah, the song is about... wanting to have sex with a sailor?
Meaning of Austere, according to Google: Severe or strict in manner, attitude, or appearance: "an austere man with a puritanical outlook". (of living conditions or a way of life) Having no comforts or luxuries; harsh or ascetic.
Imagine a ship captain who fits the term - a very no-nonsense fellow. The medals being reversed could refer to him losing his clothing, which would certainly indicate some mischief to turn before his ship is sent off. The sailors are in a port city, and being "ransacked" by smart (barbed wits) women looking quite fetching (gowns). So they'll drown in velvet... which I think you can easily interpret as either clothing or... something more visceral. Use your imagination.
So yeah, the song is about... wanting to have sex with a sailor?