Majesty
Obviously this song is dedicated to the Tolkien’s world, or, more accurately, to the book "The Lord of the Rings". The line
"..hunted by goblins, ho Gandalf to help.."
surely indicates this. However, it is not clear who "Majesty" is. On the one hand the line
"...hunted by goblins, no Gandalf to help.."
is evidently pointing at Aragorn, the title suits him well. But more likely that the Majesty is Dark Lord Sauron himself. Tdhe refrain speaks in his favour
"...your kingdom is lost... and ruins remind of your time..."
and moreover,
"...deliver our kingdom and our reich...
just give me the the thing That need or I kill...".
The thing is apparently a Ruling Ring. However, the last line may point at Boromir as well, and the one before
"...no Gandalf to help with swords in the night.."
may point at Frodo too. Yes, yes! You know that there is similar chapter in "The Lord of the Rings" called "The knife in the dark", it's about Morgulian sword-blade and broken sword of Aragorn. Following lines speak in Frodo's favour
"...eyes they are watching They look for me but cannot
find Creature is following no place to escape..." -
- it looks like Frodo's journey in Mordor to Orodruin
The Last Candle
This song is also dedicated to the Middle-Earth of Tolkien (as I see it). It's about the beginning of the Ring War and orcs' attacks.
"...The elves and gnoms have to hide
when the moon is showing it's face
and raging orcs will set their traps ...".
"The old man" is probably wizard Gandalf...
However, there are some other theories. Ia supposes that it has nothing to do with Tolkien's world. Indeed, no wood named Caladon was found in the Middle-Earth. There is elven word "calen" - bright green, "galen" - green and "galad" - the tree, but I fail to find the wood ;-(( . But roots are really close to "caladon". Ia considers that "...the thing is, as I see it, that it's about some wizard who sang the song but whether his life was sold to corrupted old gnome (there is just little chance to save the wizard's life) or he just died. And then they hang about in this wood with the last candle (there was no such candle in Tolkien's books), looking for salvation.
But that's just what he thinks.
There also one point of view by LordCyclohexane ()Zak Gillman):
"Personally, I think the wizard referred to in the song is Merlin, of Arthurian legend. The reference to Caledon was what made me think of it, as, if I recall correctly, the forest of Caledon was where Nimue imprisoned Merlin for quite a while (if you don't remember Nimue, she was a forest spirit rumored to be a child of one of the Tuatha de Danaan who Merlin often went to visit).
At least, that's my take on it. I also believe that "The Wizard" by Uriah Heep is about that same wizard Merlin. It's just the way the lyrics flow, which show someone being inspired to want to create a better world, that makes me think of Merlin raising young Arthur to become the responsible, caring young man that would eventually build Camelot."
source: http://www.kulichki.com/fantasy/bg/analyre.htm
