Reporting back! Bob Walser confirms that:

"The tune is from the (wax) cylinder from which I transcribed it - see my article, 'Here We Come Home in a Leaky Ship!': The Shanty Collection of James Madison Carpenter, Folk Music Journal 7/4 (1998): 471-495. The arrangement...(t)he overlapping of the verse and chorus is my contribution and clearly moves the song from the deck to the stage."

Now we know! Gret work, Bob!

Cheerily,
Charley Noble