Analysis of As Good as New

OH, this is a song of the old lights, that came to my heart like a hymn;
And this is a song for the old lights—the lights that we thought grew dim,
That came to my heart to comfort me, and I pass it along to you;
And here is a hand to the good old friend who turns up as good as new.
And this is a song for the camp-fire out west where the stars shine bright—
Oh, this is a song for the camp-fire where the old mates yarn to-night;
Where the old mates yarn of the old days, and their numbers are all too few,
And this is a song for the good old times that will turn up as good as new.

Oh, this is a song for the old foe—we have both grown wiser now,
And this is a song for the old foe, and we’re sorry we had that row;
And this is a song for the old love—the love that we thought untrue—
Oh, this is a song of the dear old love that comes back as good as new.

Oh, this is a song for the black sheep, for the black sheep that fled from town,
And this is a song for the brave heart, for the brave heart that lived it down;
And this is a song for the battler, for the battler who sees it through—
And this is a song for the broken heart that turns up as good as new.

Ah, this is a song for the brave mate, be he Bushman, Scot, or Russ,
A song for the mates we will stick to—for the mates who have stuck to us;
And this is a song for the old creed, to do as a man should do,
Till the Lord takes us all to a wider world—where we’ll turn up as good as new.