Lyric discussion by giantsquid 

I believe frijolito_ts is correct in most of his remarks, but I would like to add a little more perspective.

The narrator in these lyrics is obviously standing on front of the painting referred to as "The Night Watch" in the National Museum of Amsterdam, and expresses his admiration for it both by calling it a "good work" and analysing the scene depicted at length. Through the painting, he seems to acquire an understanding of the suffering of the Dutch people after their struggle with the Spanish reign and of their longing for a free and prosperous society, with all the petty bourgousie stuff that comes along with it.

The pivoting point of these lyrics lies in the possible dual interpretation of the last verse:

The burghers good and true / still living through the painter's hand / request you all to understand

According to this line, the good and true burghers who are immortalised by the painter (i.e. the people depicted in the painting) request "you all" to show an understanding for their cause. However, if this verse is read as follows:

The burghers good and true still living / through the painter's hand / request you all to understand

perhaps the good and true burghers of the Netherlands, in their petty society of today (=1974), request you all to show an understanding of their way of life, by invoking this painting.

I wouldn't go as far as to say that Palmer-James consciously included this dual interpretation in his lines; on the other hand, it is obvious that whatever the feelings of the narrator towards the Dutch society were, it is this painting by Rembrandt that made him judge it in a more flexible manner.

An error occured.