Ok, ignore my last posting. I was on the right tracks but not entirely so. This is about the 1st Jacobite uprising in 1715 against the Hanovarian King of Britain, George I. The uprising was in support of the Old Pretender (James Francis Edward Stuart, son of James ii of England and vii of Scotland). The 22nd Earl of Mar (also known as the 11th Earl of Mar, it depends when you count it from!) was given the lead rol by James to lead the rebellion. They did indeed get as far as Perth but then dithered, due to insufficient support for the rebellion and the indecisive leadership Mar (John Erskine, also known as Bobbing John for his tendency to shift back and forth from faction to faction). James decided to return to France instead of pushing the issue and never set sail in Scotland again.

I've long assumed that the lyric is inpsired by the Second Jacobite uprising, in support of (Bonnie Prince) Charles Edward Stuart in 1746. The young prince did arrive in a (cockleshell?) boat on the west of Scotland in that year and he was indeed a fine dressed and good looking young man. The reference to him smelling of wine would probably not have been the case at the time, but after his defeat and escape to France, Bonnie Prince Charlie did take to drink and its attendant ruin.