I hadn't heard that song in a very long time!
I just vividly remember singing that in class, and learning it on the tin whistle-now I am sounding very quaint! Look at me and my emerald isle, to be sure to be sure to be sure...
Thats a beautiful recording of it, it's a song about sailing, from the west of Ireland, Gaillimh is Galway, Toraigh is an island. The west coast of Ireland has a lot of small islands that would have retained some very old Irish traditions into the 1960s (some Viking in origin like their shoes).
It warms an Irish heart to know that song has travelled that far, now excuse me with my red hair and freckles I'm off to dance at some crossroads, bare foot, with a pig under one arm and a shillelagh under the other