Interesting to see the different versions of the lyrics. The (original?) version can be found - if you can find it - in The Singing River: the songs of John Conolly and Bill Meek (1985). I've copied it faithfully from the book, including the punctuation:

Down the lanes of foggy chimneys, through the little seaside town
Strides the east wind like a dragon, strewing leaves of ragged brown.
Winter's planting icicles along the barren shore -
And the Punch and Judy Man is gone forever ...

CHORUS:
Mr Punch and Judy Man -
Time flows like the yellow sand -
Bring me back the childhood land of summers long ago.

In the meadow by the river, where the elm and willow stand
Silver mist comes creeping down, to lullaby the sleeping land.
Through the bare and blackened branches, swallows fly no more -
And the Punch and Judy Man is gone forever ...

Hear the ghosts of penny arcades jingle jangle on the pier -
Gone the sound of laughing children, fading with the dying year.
Songs and sunshine leave the world to winter's weary ways -
And the Punch and Judy Man is gone forever ...

Punchinello, Punchinello, where have you and Judy gone?
Gone to join the swelling ranks of things that we look back upon.
Memories can conjure you from dreams of summer days -
But the Punch and Judy Man is gone forever ...


A short note at the end - presumably by Conolly - reads:

'An attempt to capture the melancholy feel of a seaside resort in winter time, coupled with a lament for the passing of childhood joys.'

The song's copyright is held by Maypole Music