O! What are you doing,
 And where are you going?
 Your ponies need shoeing!
 The river is flowing!
 O! tra-la-la-lally
 here down in the valley!

 O! What are you seeking,
 And where are you making?
 The [bad word] are reeking,
 The bannocks are baking!
 O! tril-lil-lil-lolly
 the valley is jolly,
 ha! ha!

 O! Where are you going
 With beards all a-wagging?
 No knowing, no knowing
 What brings Mister Baggins,
 And Balin and Dwalin
 down into the valley
 in June
 ha! ha!

 O! Will you be staying,
 Or will you be flying?
 Your ponies are straying!
 The daylight is dying!
 To fly would be folly,
 To stay would be jolly
 And listen and hark
 Till the end of the dark
 to our tune
 ha! ha.