"Roses of Prince Charlie" is a modern Scottish folk song composed by Ronnie Browne of The Corries.
In the first verse, Browne mentions two battles between Scotland and England as well as the Jacobite uprising of 1745–6; Bannockburn, Flodden, and Culloden.
The 'New World' refers to countries such as America and Canada, where the Scottish population emigrated to in the 1800s (or were shipped to penal colonies there in earlier periods).
The third verse of the song references Scottish industrialisation of the 20th century and seems to mentions the hopes for a devolved or independent Scotland (Black Gold and fisheries etc.).
(Chorus) (Verse 2) Spirits o' the banished in far and distant lands, Carved out the new world with sweat, blood and hand.