Nick,
The sunkers are submerged rocks you need to avoid when leaving or entering a harbour. The Newfoundland version, The Ryans and the Pittmans( or We'll Rant and We'll Roar) was written by Henry W. LeMessurier in the 1880s and refers to Toslow in Placentia Bay. I wonder if Towasco is from this or the other way round.
Also the verse
"I went to a dance last year in old Tumbez, There was plenty of girls there as fine as you'd wish! There was one pretty maiden a-chewin' tobacca Just like a young kitten a-chewin' fresh fish!"
is very similar to the Nfld version which goes:
"I went to a dance last year in Fox Harbour...."
There are 10 verses and a chorus in the Nfld version. If you can't find it, I'll send it to you.
It seems this shanty travelled the world, with different verses in each port. No wonder, it's a great tune.
EW