Q:

Breaking down "Of his honour and his glory, the people would sing" into subject, verb, predicate

I recently listened to the lyrics of Lucky Man by Emerson, Lake and Palmer, and noticed the following line.

Of his honour and his glory, the people would sing.

It struck me as being non-typical of modern English syntax, albeit fitting the context of the song. I have a Russian speaking wife, and a 10-year-old daughter, both of whom sometimes get confused about dealing with different sentence structures such as this. This leads to vague recollections of my primary school English class where we did exercises breaking sentences down into subject, verb and predicate.
Pondering the above line I wondered whether it should be...

Subject: his honour and glory. Verb: sing.  Predicate: the people.

or

Subject: the people.Image copyright Getty Images Image caption The closure of the coke ovens and blast furnace in October saw the end of steel production at the 98-year-old works

The Tees Valley, where thousands of jobs were lost when Redcar's steelworks closed, can become a "bustling powerhouse of economic activity", a report has said.

About 3,000 direct and indirect jobs were lost after the SSI plant closed.

The 90-page document by Lord Heseltine proposes a new development corporation as well as plans to increase tourism.

Redcar and Cleveland Council leader, Sue Jeffrey, said the area still had "huge potential".

The Labour council leader has been put on the new South Tees Development Corporation's board of local business people and local authority leaders charged with drawing up proposals for the use of the former steelworks site.

They