This song is a cover/adaptation of "Aragon Mill" a song written by American Si Kahn in 1970 and released on his 1974 album, New Wood, (see the separate listing on the SONGS page for the original "Aragon Hill"). Si Kahn's song laments the loss of mill village culture in the small town of Aragon, Georgia, USA. Recognizing the sad universality of its theme, the song was recorded and retitled “Belfast Mill” by The Fureys in 1982 and released on their album "When You Were Sweet Sixteen".
Si Kahn has written "I'm real proud of what's happened with this song. It's taken on a life of its own, and traveled around the world and back. My oldest son Simon Kahn was in Dublin, Ireland, a few years back, and heard it coming out of a music store. They told him it was a traditional mill song from North Ireland called "Belfast Mill." Maybe now it is." https://sikahn.com/
A video for this song: