The big ship sails on the Ally Ally O

I was just trying to remember this, as it's the last day in September.  I remember playing it in the 60's but I don't remember the point of it - was it just actions to the rhyme? I think maybe we started off in a line with one person's hand against the wall then we all went under the arch so the first person was then facing the other way around and had their arms across their front then we all went under the next arch created between the first two (this sounds like contortionist so I'm probably wrong)and so on until we had all ended up facing the other way with our arms crossed but still holding hands then just joined in a circle (can't remember if that was facing inwards or outwards) then just shook our arms up & down to the rhythm till the song finished.  Does that sound at sll familiar?