Lyric discussion by CharmingMan 

I think the 2 previous people misunderstand the lyrics to this song. The song isn't expressing how wonderful London is to cheer you up but instead that London (or in fact any large City) provides you with all that is best and worst. In this case it highlights the downtrodden, the tramps, the vagabonds. It is a another song that reflects that however bad your life is - your delf-loathing, or feeling of worthlessness (whether it be following the loss of a loved one or just feeling pity for yourself) there is always someone worse of than you, and as such you should pick yourself up, find the hope to carry-on. A traditional folk song that is very much still relevant today as it was 100 years ago.

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