Four short lines, and one odd comparison: love is like hose. The poem doesn't explain the simile, which is part of its charm. Instead it places the idea on "Little Queen Street" and hands it to a "vain and simple lieutenant," a figure who seems more interested in appearance than depth. His "mind full of lace" suggests thoughts that are delicate, decorative and a little empty, all surface and frill.
The speaker seems amused rather than angry. There's a gentle mockery in the way the lieutenant is sketched, and the title, "New Stockings," hints at fresh, shiny things that catch his eye. Judging by the imagery, love here is something worn and admired, maybe fragile and easily snagged, rather than something deep. The mood is light, teasing and slightly absurd, like a small comic portrait that leaves you to decide how much the lieutenant's idea of love is also a criticism of love itself.