It's not so much a story as a list. Each line stands on its own, connected to the others only by a common theme. Let me parse it:

Clad in crimson/ flames/
The Magistrate journeys/
Along the country lane/
Keeping an eye out for/ (closest guess is looking)
One clad in yellow hues/
Who foolishly adores/
The still deep waters/ (closest guess is water)
And all that live in it/