И до сих пор не догадывался: песня и жестикуляция - не сплошной поток нонсенса, Чаплин рассказывает очень прозрачную историю. Спасибо неведомому комментатору на Ютубе, просветил:
It is not a very nice story! A pretty girl is walking along. A fat man with mustachios & a sparkly ring takes a fancy to her ... flashes the ring to lure her into a cab ... tells the taxi driver to drive round while he tries to get off with the girl. She slaps him down, saying he must give her the ring first. He gives her it ... they draw down the blind & presumably have sex. She hurries to the pawnbroker with the ring -- it is a fake, she has been duped.