This reel is a Shetland adaptation of the Irish hornpipe King of the Faeries. It was recorded in the 1950's by Shetland fiddler John Scollay, with his brother Peter on guitar. Scollay is a Shetland name of Norse origin.
The original provenance of this tune is in Québécois repertoire, where it was recorded in 1929 by Sotère Mongrain (fiddle) and Ida Mongrain (piano) under the title "Reel de St-Tite." The tune was also in Maritime fiddler Don Messer's "Down-East" repertoire, as Rambler's Hornpipe. The Old French title supposedly came from a remark by an old Vermont fiddler who was asked its title and responded that it was "just an old French tune."
The hornpipe probably has an Irish provenance, with first publication date around 1847. The melody has been adopted by several genres. For example, it was the basis for the old-time tune Possum up the Gum Stump.