Heard this on Peel in '79 and taped it then promptly lost the tape after only a few listens. Tried to track it down on vinyl and failed. It came into my head a few days ago so thanks to the wonders of t'internet I tracked down an MP3 which I make available for all your delight http://dl.dropbox.com/u/4881325/Death%20In%20Venice.mp3
It's an extraordinarily accomplished track by a group I know nothing about except that Mike Scott of The Waterboys was involved but I never saw them gig or know of any released material other than the EP from which it came DNV: Death in venice b/w mafia and intro to goodbye 1970's.
Thanks biccio, Jan has also filled me in with some detail about the band/recording. It was a song by the then Bootlegs, a 1978 band that got released later as DNV ie Death iN Venice.
I'm especially awestruck by the guitarwork on the track. It just keeps building up and what a crescendo. Aaah, they don't make 'em like that anymore.