Yes indeed, the line was a jokey reference to the poem about the "gunpowder plot" which went as follows:
Remember, remember the fifth of November,
gunpowder, treason and plot,
I see no reason why gunpowder treason
should ever be forgot.
Guy Fawkes, Guy Fawkes,
'twas his intent
to blow up the King and the Parliament.
Three score barrels of powder below,
Poor old England to overthrow:
By God's providence he was catch'd
With a dark lantern and burning match.
Holloa boys, holloa boys, make the bells ring.
Holloa boys, holloa boys, God save the King!
Hip hip hoorah!