Lyric discussion by onedof 

I think, this song is an illustration to a British movie Mutiny on the Bounty 1962 (remake of the Oscar Winning original made in 1935). The crew of the British Navy ship Bounty went on riot against the crude captain. They let the captain go back to England on the small boat, and fled from the chase to the unknown island, being lead by senior officer, played by Marlon Brando. They have found the beautiful refuge, paradise like island with plenty of food and water, but their new captain died, trying to save a navigation instrument from the ship, burnt by the crew members. This a sad story of separation from the Mother Land. Salty Dog could have been a slang name for a typical sailor.

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